Monday, November 25, 2019
The Central Bank of Ireland (CBI) has published regulations (the Credit Union Act 1997 (Regulatory Requirements) (Amendment) Regulations 2020 (the “Regulations”)), to come into operation in January 2020 which will permit credit unions which meet certain criteria to undertake increased longer term home and business lending. Our January 2019 briefing (available here) looked at the proposals. The Regulations reflect the consultation process undertaken by the CBI and the various changes introduced will permit credit unions with the financial strength, competence and capability the flexibility to offer increased home mortgage and business lending subject to three overall tier limits:
The amendments in the Regulations have been largely welcomed by the credit union sector, if you have any questions concerning the Regulations or how they may affect your credit union business please get in touch with Simon O’Neill.