Credit unions to be reviewed

A review has been ordered into operations at Ireland's 419 credit unions.

Finance Minister Brian Lenihan has ordered a root-and-branch examination of how the sector is regulated, as debts and losses mount.

The Financial Regulator has appointed consultants Grant Thornton to carry out the review.

They will examine the financial soundness of credit unions in a bid to get a handle on bad debts and losses on risky investments.

Areas to be covered will include the arrangements made by credit unions to ensure they have enough liquid funds, officials qualifications, and limits on certain types of lending.

It is hoped the review will ensure the stability of the credit union movement is preserved.


More in this Section

ITAA CEO claims Ireland's regional airports 'are being decimated'ITAA CEO claims Ireland's regional airports 'are being decimated'

Seamus Mallon dies aged 83Seamus Mallon dies aged 83

Luas passenger injured when taxi collided with tram awarded €80kLuas passenger injured when taxi collided with tram awarded €80k

Revenue seize €59k of KHAT in LaoisRevenue seize €59k of KHAT in Laois


Lifestyle

Falsies don’t have to be fiddly, says Katie Wright.5 common myths about false lashes

Hiring professional designers to guide you through a home revamp can get you what you want, which doesn’t necessarily have to be what TV home improvement shows tell us, writes Carol O’Callaghan.What a professional interior designer can do for you when planning a home revamp

Kya deLongchamps turns the spotlight on countertop stars to look out for in the last throes of the January sales.Counter culture: Some star kitchen appliance buys

The model, presenter and musician chats to Lauren Taylor about how different it is having a newborn in her 40s.Myleene Klass on her post-baby body: ‘I’ve got two stone to lose but I won’t berate myself’

More From The Irish Examiner