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CU System
Ireland CUs reassured new bill wont effect them
DUBLIN, Ire. (12/22/10)--Credit unions in Ireland have been reassured by Department of Finance officials that a sweeping Credit Institutions Stabilization Bill and a European Union/International Money Fund memorandum of understanding would not be used to restructure the credit union industry. The bill gives Finance Minister Brian Lenihan absolute control over financial institutions, and some provisions in the bill relate to credit unions. Officials told the Irish League of Credit Unions and other organizations that the new legislation was intended for banks and building societies--not community lenders such as credit unions, according to the Sunday Tribune (Dec. 19). However, a spokesman also said the bill and memo had to cover all the bases because the financial regulator had expressed concerns about credit unions' financial health in the past year. The league told the publication its board received a briefing from the finance department on the bill Dec. 14.


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