Ireland's CUs Get New Powers

DUBLIN, Ireland - Legislation has been signed by Ireland's Minister for Finance, Brian Cowen, that will allow the country's credit unions to extend long-term lending. The update to the Credit Union Act increases to 40% the percentage of a CU's loan portfolio that can have terms of five years or more (up from 20%) and also permits 15% of the portfolio to have terms of 10 years or more (up from 10%). A review group that included the Irish League of Credit Unions, the Credit Union Development Association, the Registrar of Credit Unions and chaired by the Department of Finance had recommended the change.