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
Irish CU regulator stops dividends payout
DUBLIN, Ireland (7/29/09)--Financial concerns caused Ireland's credit union regulator to intervene and prevent 76 individual credit unions from paying dividends they had originally proposed for their members last year. The move came after the regulator expressed concern that the bodies’ financial position was not strong enough to pay their target dividend or interest rebate (Sunday Business Post July 26). Some 101 credit unions contacted the regulator late last year regarding their dividends after being instructed to do so if they could not pay dividends in accordance with previous guidance from the regulator’s office. Each credit union was notifed that there was a need to strike ‘‘an appropriate balance’’ between rewarding savers and borrowers while maintaining the solvency of each credit union. The regulator, headed by Brendan Logue and part of the Financial Regulator, reassessed the scope for dividend payments in regard to the trading position, liquidity position and loan arrears of each organization, the newspaper said. Agreements were reached between the regulator and each body that reduced the total dividend among the 76 credit unions, which was instead transferred into the reserves of the credit unions in question.


RSS





print
News Now LiveWire
The U.S. Court of Appeals restored NCUA lawsuit v. Barclays Capital that charged misrepresenting quality of $550M IN RMBS. See News Now Wed.
11 hours ago
Registration is now open for the online livestreaming of @TheNCUA March 19 open board meeting. http://t.co/yOuqdXHlxj
16 hours ago
Registration is now open for online viewing of @TheNCUA's March 19 board meeting. https://t.co/mMZoXSFjMe
16 hours ago
.@CFPB Director Richard Cordray's testimony that he will deliver before the #HFSC this afternoon. http://t.co/NA1aEOPAeh
17 hours ago
Consumer spending flatlines, savings ramp up #Market #NewsNow http://t.co/94kPuBpMRK
18 hours ago