Featured Product

    EC Approves Extension of Irish Scheme on Restructuring Credit Unions

    May 27, 2019

    EC approved, under the EU State aid rules, the ninth prolongation of an Irish scheme aimed at restructuring credit unions. The scheme was initially approved in October 2014 and last prolonged in November 2018. The objective of the scheme is to underpin the stability and long-term viability of credit unions and the credit union sector in Ireland at large. This authorization is granted until October 31, 2019.

    The restructuring involves merging of credit unions with ample reserves with credit unions with a gap, providing, if necessary, a capital injection to make up any shortfall in the capital reserve requirements of the merged credit union. Stabilization involves assisting fundamentally viable credit unions that have temporarily slipped below the regulatory reserve requirements. EC found that the measure ensures that the beneficiaries become viable in the long-term through restructuring or merging with sound credit unions and that they contribute to the cost of restructuring. Moreover, the impact on competition is limited because credit unions are small and do business only with members. Until now, the Irish authorities have managed to restructure credit unions without granting any aid under this scheme. 

     

    Related Link: Notification

     

    Keywords: Europe, Ireland, Banking, Restructuring, State Aid Rules, Credit Unions, EC

    Related Articles
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    News

    CFTC Proposes Rules on Derivative Position Limits and Swap Execution

    CFTC approved a proposed rule on position limits for derivatives and a proposed rule amending requirements for certain Swap Execution Facilities and real-time reporting.

    February 19, 2020 WebPage Regulatory News
    News

    OSFI Proposes New Benchmark Rate for Qualifying Uninsured Mortgages

    OSFI announced that it is considering a new benchmark rate for determining the minimum qualifying rate for uninsured mortgages.

    February 18, 2020 WebPage Regulatory News
    News

    BIS on Policy Initiatives to Manage Risk Related to Real Estate Market

    The BIS Committee on the Global Financial System prepared a report that documents recent trends in the residential and commercial property prices in over 20 countries, describes key drivers of price developments, and discusses policy initiatives used to manage the associated risks to the economy and financial stability.

    February 18, 2020 WebPage Regulatory News
    News

    OFR Publishes Tool for Monitoring Systemic Risk of Banks

    OFR announced the publication of Bank Systemic Risk Monitor or BSRM.

    February 18, 2020 WebPage Regulatory News
    News

    EBA Report on MREL Shows Progress in Resolution Planning

    EBA published the first quantitative report taking stock of the increased capacity of minimum requirements for own funds and eligible liabilities (MREL) in EU.

    February 17, 2020 WebPage Regulatory News
    News

    SRB Proposes Changes to MREL Policy Under the 2019 Banking Package

    SRB launched a consultation on changes to its Minimum Requirement for Own Funds and Eligible Liabilities (MREL) policy under the 2019 Banking Package.

    February 17, 2020 WebPage Regulatory News
    News

    ESMA Updates Q&A on Credit Rating Agencies Regulation

    ESMA updated questions and answers (Q&A) document on the Credit Rating Agencies (CRA) Regulation.

    February 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4698