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CU System
Irish league to ask CUs to inject more into deposit fund
DUBLIN, Ire. (3/11/11)--Twenty credit unions in Ireland are seeking support from the Irish League of Credit Union and the Savings Protection Fund (SPS), the league's emergency fund for credit unions in trouble. That means the league will ask credit unions to allocate more funds for financial buffer fund. The league put aside $66.7 million in its 2010 accounts to cover the financial commitments for 13 troubled credit unions, leaving the fund's value at $102.billion, according to the Irish Independent March 8 and March 10). (All amounts are in U.S. dollars). Since then the league has been approached by seven more credit unions seeking assistance, some of it with governance, not funding. The league is proposing a special levy on its 419 credit unions to raise an additional $8.3 million to boost its recovery fund. League President Mark Bailey told the newspaper that a special motion will be made at the league's Annual General Meeting in Belfast in April.


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