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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.


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