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News Now

CU System
Irish league votes to push for stabilization fund
DUBLIN (9/21/10)--The Irish League of Credit Unions (ILCU) plans to campaign for a stabilization fund that would assist credit unions if they encounter financial difficulty. During a special league meeting Saturday, more than 600 delegates from 505 credit unions affiliated with the league voted to push for a cross-border stabilization fund to support all credit unions, including those not affiliated with ILCU (The Irish Examiner Sept. 20). They rejected options outlined by the Central Bank's Registrar of Credit Unions, James O'Brien, in a consultation paper earlier this summer. The paper proposed a statutory bailout fund for credit unions that become insolvent. Instead, they approved a draft submission that favors giving the league full ownership and control of any new plan, and imposing full responsibility for funding the plan on the credit union movement. ILCU plans to submit its proposal by Friday, the newspaper said.


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