ILCU welcomes publication of Central Bank’s consultation paper on investment regulations

Media Release: 11 May 2017

The Irish League of Credit Unions (ILCU) today welcomes the publication of the Central Bank’s Consultation Paper CP109 on Potential Changes to the Investment Framework for Credit Unions, available here. The authorised investment options for the management and placement of credit union surplus funds to date have been extremely limited. The ILCU has long campaigned for a review of these restrictive investment regulations.

The ILCU welcomes in particular the fact that the Central Bank will consider changes to the investment framework to enable credit unions to invest in social housing. In November 2014, in response to a government request, the ILCU developed a comprehensive proposal outlining how surplus credit union funds could be used for this purpose. Such a change in the current investment regulations would enable the credit union movement to provide significant funding to support the development of critically needed social housing. 

 

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