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News Now

CU System
Ireland to recapitalize CUs with bank funds
DUBLIN, Ireland (10/11/11)--Ireland will provide up to one billion euros (about $1.376 billion) to recapitalize the country’s credit unions and save some from collapsing. Although some Irish credit unions are not having any difficulties, “others are on the brink of falling down a hole,” said Michael Noonan, Ireland’s finance minister (irish.examiner.com Oct. 7). The money is available in funds that were set aside for banks, but were not used, Noonan added. Therefore, the government would have to ask Ireland’s Exchequer for more recapitalization money for credit unions, the newspaper said. The recapitalizations would be done in phases, Noonan told the paper. Many of Ireland’s credit unions are expecting to be negatively impacted this year because the country’s financial regulator is pressing community lenders to value all of their assets-- including property--at market levels, credit union sources told the paper. Credit unions heavily invested in property during the country’s economic boom, the paper said.


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