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06/02/2012
Durkan Leads Delegation Defending Credit Unions
The former SDLP Leader Mark Durkan has led a delegation of Northern Ireland MPs to Westminster to discuss the concerns of local credit unions who are expecting to loose millions in upcoming reforms.
Mr Durkan led a group of MLAs from the SDLP, DUP and Alliance party to meet the Financial Secretary to the Treasury Mark Hoban to discuss the matter as the Financial Service Authority (FSA’s) advance their proposal to restrict the investment types which Northern Ireland credit unions can invest in under new regulatory reforms.
According to Mr Durkan, the FSA proposal could lead to the loss of £7million earnings for credit unions here and would have a detrimental impact on the dividends payable to credit union members and the level of services available to members throughout the North.
Mr Durkan said: “This proposal could have an extremely detrimental effect on local credit unions particularly in the current climate when due to lower borrowing levels credit unions are more reliant on the return from investments.
“Restricting the majority of credit unions to investments of one year maturity will considerably reduce the options open to local credit unions and the return available."
On March 31, regulatory responsibility for credit unions in Northern Ireland will transfer from the Department of Enterprise, Trade and Investment (DETI) to the FSA.
Mr Durkan said that the proposals, particularly around maturity periods, has caused much disquiet and concern for the Irish League of Credit Unions (ICLU) and their 103 credit unions in Northern Ireland.
(DW)
Mr Durkan led a group of MLAs from the SDLP, DUP and Alliance party to meet the Financial Secretary to the Treasury Mark Hoban to discuss the matter as the Financial Service Authority (FSA’s) advance their proposal to restrict the investment types which Northern Ireland credit unions can invest in under new regulatory reforms.
According to Mr Durkan, the FSA proposal could lead to the loss of £7million earnings for credit unions here and would have a detrimental impact on the dividends payable to credit union members and the level of services available to members throughout the North.
Mr Durkan said: “This proposal could have an extremely detrimental effect on local credit unions particularly in the current climate when due to lower borrowing levels credit unions are more reliant on the return from investments.
“Restricting the majority of credit unions to investments of one year maturity will considerably reduce the options open to local credit unions and the return available."
On March 31, regulatory responsibility for credit unions in Northern Ireland will transfer from the Department of Enterprise, Trade and Investment (DETI) to the FSA.
Mr Durkan said that the proposals, particularly around maturity periods, has caused much disquiet and concern for the Irish League of Credit Unions (ICLU) and their 103 credit unions in Northern Ireland.
(DW)
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