Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Irish League Rejects Bank's Plan For Distressed Borrowers
DUBLIN, Ire. (5/14/13)--The board of the Irish League of Credit Unions voted unanimously last weekend to reject a new pilot program from Ireland's Central Bank for dealing with mortgages in arrears.

The league said in a statement that concerns it had raised about the proposed framework of the plan were ignored during negotiations and that the discussions offered little in the way of meaningful relief to distressed mortgage holders (RTE and The Independent May 13).

The absence of a provision for a mortgage writeoff or write down essential to any relief plan was a "major flaw" in the proposal, the league said.  The plan was written to protect the bank's capital positions and maximize its income from mortgage interest payments "at the long-term expense of the borrower," said the league's statement.

The Central Bank had been negotiating for months with regulators of banks, credit unions and credit card providers.


RSS print
News Now LiveWire
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
12 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
13 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
13 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
15 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
16 hours ago