DUBLIN, Ire. (12/18/12)--Efforts by the Irish League of Credit Unions to ease some of the restrictions in Ireland's new Credit Union Bill 2012 have yielded results, local media say.
Early drafts of the bill would have restricted the length of time people could serve on the board of a credit union. However, that was amended in the legislation after intense lobbying by credit unions, said the Irish Independent (Dec. 15). The measure, passed last week, also no longer includes provisions to ban people related to a person doing voluntary work for a credit union from becoming a credit union director.
A government-appointed commission report in April had recommended that credit unions should collaborate together to benefit from economies of scale and to weather the economy. The European Commission has approved government plans to encourage mass mergers among credit union. About 250 credit unions may merger in the next three years, said the article.
The government also put aside funds to assist troubled credit unions this year and next. The European Union has said that is in line with its state-aid rules.