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CU System
Irish Central Bank New standard would affect CUs
DUBLIN, Ire. (2/24/10)—The Central Bank and Financial Services Authority of Ireland have raised questions over the impact of proposed new accounting standards on credit unions, saying the cost of the extra requirements would not lead to benefits for members. The Central Bank made the statement in a letter to the Accounting Standards Body (ASB), which proposes to expand the use of the International Financial Reporting Standards (IFRS) (Sunday Business Post Feb. 21). The Central Bank questioned whether the extra requirements would “improve financial reporting for credit unions.” Credit unions also are seeking to be excluded from the definition of public accountability in the proposed rules. The Irish League of Credit Unions in a comment letter said that the “vast majority” of credit unions are very small and often rural organizations. Credit unions should be exempt because they are democratic, not-for-profit bodies with strict limits on loans, and are, by their very nature, different from other financial institutions, said the league.


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