Under new rules, nearly 300 credit unions have been told by the Central Bank of Ireland to limit the amount of loans they distribute each month.
The Credit Union Managers' Association, a trade group, said it is receiving letters from credit unions saying the Central Bank has informed them to restrict their lending. The bank's new rules caps some credit unions at a maximum monthly lending limit of 100,000 Euros or approximately $127,650.
CUMA said it has contacted the Central Bank about its concerns with the new rules. CUMA representative Selina Gilleece said while credit unions have been affected by Ireland's recession, "they have weathered the worst of it so far."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
