Regulator queries funding in crisis plan
The Central Bank and Financial Services Authority of Ireland in a consultation paper looking at the long-term financial stability of the Irish credit union movement in the sector said: “We doubt whether the current arrangements would be able to cope with a widespread problem or indeed a series of individual problems over a sustained period of time in the sector.”
The paper also says that the current savings protection schemes (SPS) of €119m works out at less than 1% of the total assets of the movement.
