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News Now

CU System
No vote on deposit insurance levy says Irish league
BELFAST (5/6/11)--The Irish League of Credit Unions did not present its proposal to add a special levy on member credit unions to boost its deposit protection fund during its annual meeting in Belfast last weekend. The league had planned to raise an additional $8.9 million for its Savings Protection Scheme (SPS), which provides emergency funding to ailing member credit unions (Irish Independent May 5). The movement's fund dropped to $109.8 million from $169.2 million after it provided financial help to 13 troubled credit unions. Since then, another seven credit unions have sought help from the fund. (All amounts reported are in U.S. dollars.) The motion was not presented at the meeting, a league spokesman told the newspaper. The league is in ongoing discussions with the Registrar for Credit Unions at Ireland's Central Bank about the possibility of the Central Bank taking over the stabilization fund and placing it under statutory authority.


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