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News Now

CU System
Irish league to hold special meeting on reg proposals
DUBLIN, Ireland (8/18/10)--The Irish League of Credit Unions (ILCU) will hold a special general meeting next month to discuss regulatory proposals. More than 1,000 delegates are expected to attend the meeting to discuss moves by Ireland’s Financial Regulator to assert more control over bailout fund proposals. ILCU, which represents more than 400 credit unions in the country, called for the meeting after the regulator issued a consultation paper in June that proposed a statutory bailout fund for credit unions that become insolvent (Sunday Tribune Aug. 1). The regulator wants to replace an existing, private ILCU protection fund--a savings protection scheme (SPS)--which is outside the regulator’s purview, the newspaper said. In the past few weeks, ILCU has held roadshows nationwide to gather information and listen to feedback from credit union members. Turnout was very high and there is substantial fear about the SPS being taken over, an ILCU spokesman told the paper. The SPS is adequate to cover any problems credit unions may encounter, Kieron Brennan, ILCU chief executive, told the paper.


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