Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Overhaul to reduce Irish credit unions
COUNTY LEITRIM, Ireland (5/13/11)--Stress tests being carried out on the Ireland’s 410 credit unions are expected to lead to a substantial reduction in the number of branches nationally by the end of the year. It is expected that stress test results will show that at least 80 of the country’s credit unions are in serious financial difficulty (Leitrim Observer May 11) All savings deposits in Irish credit unions are covered by a government guarantee. Experts predict that than half of all credit unions nationally may be closed or merged into other credit unions. Sources said they expect the first 80 branches to be closed by the end of the year. “Given the expected adverse stress test results and the challenges facing 400 plus individual credit unions to operate, compete and be regulated in the wider financial sector, it is likely that there will be a major amalgamation of credit unions into fewer and larger entities--one possible method to do this is on a countywide basis,” Colm O’Grady, credit union specialist with Russell Brennan Keane, Chartered Accountants and Business Advisers told the Observer.


RSS





print
News Now LiveWire
Consumers depending heavily on financing for new autos: 84% look for loans says @Experian http://t.co/iV93NSdp0x
3 hours ago
Consumer credit ticks up slightly in Jan http://t.co/nAmR7fyGLi
5 hours ago
RT @cumagazine: Make a good impression during your #CUNAGAC Hill visits: 8 tips http://t.co/C4gtRbQG2s
6 hours ago
Taking a walkthrough before #CUNAGAC starts this weekend. http://t.co/k9hktHjm9b
7 hours ago
There will be lots of social media action at 2015 #CUNAGAC that starts in D.C. this Sunday. http://t.co/vyP4XbtFbk
7 hours ago