Irish League of CUs Wins 2 Million Euro Judgment

DUBLIN, Ireland–Ireland’s credit unions have won a favorable ruling and a judgment of 2 million Euros in this country’s Supreme Court. Ireland’s Competition Authority had brought an action against the Irish League of Credit Unions alleging anti-competitive practices in the ILCU’s voluntarily funded Savings Protection Scheme for member CUs. The court rejected the Competition Authority’s position, saying it had failed to “provide a convincing analysis of ILCU’s activities as being anti-competitive.” Prior to the court ruling, the ILCU had requested the Competition Authority withhold any more action until it could revise the Savings Protection Scheme. Liam O’Dwyer, president of the Irish league, told local media “millions of euros” had been wasted as a result of the Competition Authority’s pursuit of the action. The court ruling means the Authority must reimburse the ILCU.