Menu
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)
Related Northern Ireland News Stories
Click here for the latest headlines.
22 November 2024
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
Mobile Gaming Trends in Northern Ireland
Mobile gaming has become an integral part of the entertainment landscape in Northern Ireland, encompassing everything from sports betting and online gambling to video games. As technology advances, particularly with the advent of 5G, the mobile gaming sector is poised for significant growth and transformation.
21 November 2024
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
Work Underway For Free Hospital Parking In Northern Ireland
Work has begun at several hospital sites across Northern Ireland as part of the preparations for the introduction of free car parking in May 2026. Health and Social Care Trusts have been actively preparing for the implementation of a new traffic management system since the Hospital Parking Charges Act was passed in 2022.
21 November 2024
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
UK Education Ministers Meet In Northern Ireland
Northern Ireland hosted the fifth UK Education Ministers' Council (EMC) meeting at Laurelhill Community College in Lisburn.
18 November 2024
Minister Lyons Highlights Northern Ireland's Engineering Heritage
Communities Minister Gordon Lyons has praised the engineering heritage of Northern Ireland during a recent visit to the Ulster Folk and Transport Museum. A particular highlight of the visit was the Ferguson Black Tractor, a groundbreaking piece of machinery that revolutionised agriculture worldwide.
Minister Lyons Highlights Northern Ireland's Engineering Heritage
Communities Minister Gordon Lyons has praised the engineering heritage of Northern Ireland during a recent visit to the Ulster Folk and Transport Museum. A particular highlight of the visit was the Ferguson Black Tractor, a groundbreaking piece of machinery that revolutionised agriculture worldwide.
18 November 2024
DAERA Minister Outlines Path To Net Zero For Northern Ireland
DAERA Minister, Andrew Muir, has outlined a roadmap for Northern Ireland to transition to a net-zero economy. Speaking at the 2024 Re[Act] Festival in Belfast, he emphasised the urgent need for ambitious climate action.
DAERA Minister Outlines Path To Net Zero For Northern Ireland
DAERA Minister, Andrew Muir, has outlined a roadmap for Northern Ireland to transition to a net-zero economy. Speaking at the 2024 Re[Act] Festival in Belfast, he emphasised the urgent need for ambitious climate action.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
