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News Now

CU System
Irish CUs to undergo series of stress tests
DUBLIN, Ire. (2/23/11)--Ireland's Central Bank is sending financial examiners to 414 Irish credit unions holding nearly $16.4 billion in deposits to stress-test their capability to withstand different scenarios that could affect capital. The stress tests will take place over the next two months, said a Central Bank spokesperson (The Irish Examiner Feb. 21). The review covers all credit unions. However, work on the top 200 credit unions already is finished, said the Central Bank. Loan book reviews are due by the end of April, and stress-testing is scheduled for completion by the end of June. The analysis follows a review by Grant Thornton sponsored by the bank at the request of Finance Minister Brian Lenihan. Loan book reviews are part of the International Monetary Fund's bail-out program for financial institutions. The stress testing will determine the capacity of the capital position of individual credit unions to withstand certain stressed scenarios and to assess whether any additional capital is required, said the bank. The Irish League of Credit Unions has stopped conducting a series of public meetings because commitments were made to the league's position by Fine Gael and the Labor Party in their manifestos. Fine Gael's document matches the league's position almost word for word, said the article.


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