Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
Fed. FI regulators' statmnts on compromised credentials/destructive malware #cybersecurity http://t.co/f4uTBDm1PU http://t.co/zP5Iw6VxZc
51 minutes ago
Home prices rising faster than wages: @RealtyTrac #NewsNow #Market http://t.co/wa74mnw3Cu
2 hours ago
.@Nussle dropped by the @ACUMuseum recently. Read about his visit http://t.co/bYe8RRgYLP
3 hours ago
.@PCISSC issues new pen test guidelines for businesses to identify network vulnerabilities @CUinfosecurity http://t.co/ENeGTPSMjf
4 hours ago
#Georgia credit union parity bill awaits signature from @NathanDeal http://t.co/zbS4IZsOp6
4 hours ago