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Ireland regulator says some CUs hit by economy
DUBLIN, Ireland (3/4/09)--Ireland’s financial regulator said Tuesday it is trying to help a few credit unions with financial difficulties as the country’s economy drops deeper into a recession and more borrowers fall behind on loan payments. However, the reserves and liquidity of the Ireland’s credit unions overall are “quite adequate,” Brendan Logue, the regulator’s registrar of credit unions, told Ireland’s state broadcaster, RTE (Reuters March 3). Of the 419 credit unions nationwide, fewer than 10 are in a risky position, Logue said, adding that the problems of the few credit unions resulted from “looser lending” during the economy’s boom years. Because some credit unions have gradually moved away from the “very prudent lending rules” they deployed in the past, they now are facing difficulties, Logue told the news service. The country’s credit union members should not worry about the safety or security of their savings because the credit union movement has $1.76 billion in reserves, said Ciaran Brennan, CEO of the Irish League of Credit Unions (RTE March 3). The regulator has asked Mitchelstown CU in the southern county of Cork to stop business lending and limit its personal lending because loan delinquencies are rising.
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