STRESSED CREDIT UNIONS

The Financial Regulator is turning his guns on credit unions to examine “potential stresses” across the sector, according to several Sunday newspapers.

“The sharp rise in the levels of reported arrears and the significant increase in loans being rescheduled as more and more members come under financial stress is a matter of concern,” a spokeswoman for the Regulator told The Sunday Tribune.

The newspaper notes the moves come against the backdrop of increased tension between the Regulator and the Irish League of Credit Unions over solvency and the stricter rules being imposed on provisioning and reserves.