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Saturday 18 November 2017

Regulation to differ for credit unions

Barry Duggan

DIFFERENT rules will be applied for the regulation and running of credit unions than those which will govern the country's biggest banks.

Financial Regulator Matthew Elderfield said the approach of his office will differ between the firms they regulate.

Mr Elderfield was speaking at the AGM of the Irish League of Credit Unions (ILCU) in the University of Limerick.

He told the credit union members that to improve regulation, his office would not be adopting "a one size fits all approach".

"While we will improve our level of engagement across the board, a systemically important bank should expect a much more intrusive approach than, for example, a credit union with a lower risk profile," he added.

The ILCU currently accounts for €11.9bn of savings, €14bn in assets and has almost three million members.

Irish Independent

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