Ireland’s credit union movement has taken a step to significantly increase its ability to expand further into the mortgage market in competition with the banks.<\/p>\n
26 credit unions have received board approval to set up a services organisation which will lead to the establishment of centralised treasury function for the sector.<\/p>\n
The credit unions have combined assets of \u20ac9 billion.<\/p>\n
Last year, the Central Bank said credit unions would be allowed to increase the level of mortgage lending to 30% of their total assets.<\/p>\n
But to reach that level the regulator said they would need a more sophisticated asset and liability management which has resulted in the planned centralised treasury function.<\/p>\n
The initiative will also allow credit unions to offer more lending to small and medium sized firms.<\/p>\n
John Webb, a former Treasurer of Ulster Bank, has been appointed acting CEO of the new initiative.<\/p>\n
The move to create a Centralised Treasury Function has been led by five Credit Unions and is supported by the Irish League of Credit Unions and the Credit Union Development Association.<\/p>\n
The project is open to all credit unions across the country.<\/p>\n","protected":false},"excerpt":{"rendered":"Ireland’s credit union movement has taken a step to significantly increase its ability to expand further into the…\n","protected":false},"author":2,"featured_media":385568,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[72,61,60],"class_list":{"0":"post-385567","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-business","9":"tag-ie","10":"tag-ireland"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/385567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=385567"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/385567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/385568"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=385567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=385567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=385567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}