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Friday, July 09, 2010
Credit crisis
CONTAINED within the Central Bank Reform Bill 2010 are proposals to change the day-to-day operations of credit unions for the future.
The Irish League of Credit Unions is deeply unhappy with many of the provisions contained within the Bill and have had several meetings with the Minister and the Department of Finance to express our views.
We do not feel that our concerns and the concerns of our member credit unions have been taken into consideration either in the original Bill or the subsequent suggested amendments to it.
Credit Unions exist to help their members. New regulations designed for banks will prevent us from helping ordinary members with any financial difficulties.
The new proposals will mean too much red tape and extra costs will hinder credit unions in helping members reschedule loans in these difficult times.
The Irish League of Credit Unions feels that the Minister for Finance and the Registrar of Credit Unions are attempting to control credit unions in an unreasonable and unnecessary way.
It will ultimately mean that credit unions will be unable to continue to meet members’ needs into the future.
Mandy Johnston
Head of Communications
Irish League of Credit Unions
Submitted by email
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