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News Now

CU System
Irish league Many CUs may forego dividends
DUBLIN, Ire. (4/17/09)--Although the financial health of Ireland's credit unions is "robust," a number of credit unions will not pay a dividend to members this year because of the poor performance of their investments, according to the Irish League of Credit Unions. League CEO Kieron Brennan said that typically more than half of the country's credit unions pay members a dividend. However, they would have to make substantial writedowns in the year to September 2009 on the value of investment assets, and this would effect dividends (Business and Finance Daily News Service April 16). Still, Brennan described the movement's financial health as "robust," and said there was no danger of credit unions suspending services. Loans by credit unions grew 6.7% to 7 billion euros (US$5.3 billion). The number of loans in arrears rose slightly, with 6.5% of outstanding payments more than 10 weeks late. Savings remained unchanged at 11.9 billion euros ($9 billion) and total assets grew 0.2% to 13.9 billion euros ($10.5 billion).


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