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News Now

CU System
Irish league opposes Central Bank bill
DUBLIN, Ire. (7/2/10)--The Irish League of Credit Unions (ILCU) has issued a statement expressing credit unions' opposition to Ireland's Central Bank Reform Bill, which was being debated in its legislature Thursday. The bill contains proposals that would change the day-to-day operations of credit unions, include too much red tape and result in extra costs that would hinder credit unions in helping their members reschedule loans, said ILCU (Business and Finance Daily News Service July 1). "We do not feel that our concerns and the concerns of our member credit unions have been taken into consideration either in the original bill or the subsequent suggested amendments to it," said the league. "Credit unions exist to help their members. New regulations designed for banks will prevent us from helping ordinary members with any financial difficulties." ILCU said it objects to sections that refer to the long-term micromanagement of credit unions by the regulator. Ireland's Central Bank has proposed conducting stress tests on some credit unions with loans in arrears and revising ILCU's Credit Unions Savings Protection Fund, which the registrar of credit unions said is inadequate for a widespread economic downturn (News Now June 25).


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