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News Now

CU System
Irish league pushes for new regulator in report
DUBLIN (8/14/09)--The Irish League of Credit Unions (ILCU) said credit unions in Northern Ireland could miss out on a generation of members if a recommendation to move Ireland's credit unions under the regulation of the Financial Services Authority (FSA) doesn't move through the legislative process. Currently credit unions in Ireland are regulated by DETI Companies Registry (The Irish News Aug. 12). They hope to move to FSA, like credit unions in Britain, to widen the range of products and services they can offer. British credit unions can offer a range of service including current accounts, Internet and telephone banking, electronic transfer of wages, ATMs, debit cards and bill payments. They also can participate in government savings initiatives, said the article. ILCU Northern Committee member Kevin Helferty said the inability to participate in government savings initiatives puts credit unions at a disadvantage to other financial institutions in the north. The league's comments were made at the launch of its "Investing in our Future" report on current and potential credit union services. It found that one in three people in Northern Ireland were members of a credit union.


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