Brussels, 03/09/2012 (Agence Europe) - On 3 September 2012, the European Commission authorised the extension until 31 December 2012 of the Irish Credit Union Resolution Scheme (initially approved on 30 December 2011). The scheme reduces or mops up small financial losses when credit unions cannot meet the regulatory requirements set by the Bank of Ireland, arranging a careful winding up of the credit union by auctioning off its assets. Where necessary, the scheme provides direct financial incentives to purchasers. Ireland is planning to provide an initial, refundable, payment to the scheme, which will gradually receive funding from a special tax on banks. The Commission says that the scheme's extended measures are well targeted, proportionate and limited in time and scope, ensure proper breakdown of resolution costs and suitable guarantees to ensure an uneven playing field is not created. (FG/transl.fl)