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@ wishes - suggest you could consider contacting new beginnings here : http://www.newbeginning.ie/ - they should be able to answer your question and give you some comfort in how following a recent court ruling it may take years for your lender to obtain possession.

@ slim : During a radio interview on RTE [broken link removed] Friday 7th October last with ILCU's CEO he stated " There are no credit unions in trouble at present" and "we have no credit unions at present, let me clear about this, who are currently in financial difficulty" . During the...

Having mentioned a tax payer funding requirement of between €500m and €1bn Minister Noonan is to commit an initial €250m before the end of the year. This would appear to be the immediate funding required to stabilise seriously troubled credit unions. Will those credit unions that are to...

On the contrary, as a set of principles they are not vague but quite precise. The data refers to the full picture of consumer debt which would of course what limited information has been made available on home owner mortgage arrears. I noted from today's proceedings that Keane spoke of...

Government is going to refer FF bill to committee stage. Seems it believes its a valid and worthy proposal. Mortgage holidays are also being mooted to allow time for people to pay down non-mortgage debts - seems this would work is they could structure repayments within a debt settlement process...

ILCU objected to the strategic review process instigated by Minister Lenihan and run by the central bank in 2009/2010 (which came to a shuddering halt once the troika arrived) and lobbied FG for a commission. When established ILCU had only two seats on the 13 seat commission. The internal...

@ clubman maybe a BBQ, given that the commission has done such a good job with the marinade.

The recommendations of the commission on credit unions are bang in line with the powers the central bank is being granted in any event to sort out non-viable and viable credit unions. The commission is simply agreeing with what is already happening. According to its authors there are 27 unions...

Link's gone from the Central bank site.

At yesterdays Central bank conference on the mortgage market, Blackrock Solutions presented on international loan modifications and concluded with the following: House prices are a significant driver of defaults in ‘non-recourse’ and recourse markets alike - negative equity matters in all...

It might be useful to consider the quantum of unaffordable debt that cannot be repaid. Taking the central banks base line stress ratios for both mortgage and personal debt results in loan losses of €13bn. While these are accounting losses they nonetheless are useful when considering the scale...

As expected the Central Bank is to set up a stabilisation fund partly funded through levies on credit unions. The move brings to an end years of protracted,fruitless negotiations between the credit union regulator and ILCU to regulate its controversial scheme the SPS. The development probably...

ILCU loses control of stabilisation system Trade body ILCU is to lose its credit union stabilisation role as the Central Bank moves to establish a statutory stabilisation and resolution fund. For years ILCU portrayed its fund as a deposit guarantee system until it conceded in the Supreme...

Hobbs is also mentioned in this [broken link removed] article. Seems he flagged up problems in early 2007.

Suggest the Governor

@CU Manager and Anyone - suggest you two do up a paper on your proposed RWA approach and submit it to the Central Bank for comment

@anyone Large grain of salt needed as this is from an trade body that denied tax payers funds would ever be needed. ILCU has consistently talked down and at times misrepresented the scale of the problems.

try arguments to reduce the leverage ratio instead. also see other threads for discussion on RWA...which I'm afraid hasn't been well informed by an appreciation of how RWA works. Try not to confuse regulatory capital with accounting asset losses.

No

Government set to inject up to €1bn into credit unions Minister Michael Noonan has indicated that upwards of €1bn in tax payers funds may be required to capitalise credit unions. [broken link removed] Irish Examiner Media predictions of substantial bailout funds being required to...