Brussels, 22/07/2013 (Agence Europe) - On Monday 22 July, the European Commission authorised the extension of the Irish Credit Union Resolution Scheme until 31 December 2013, a scheme initially approved on 20 December 2011 and prolonged on 3 September 2012 and 14 December.
The scheme arranges for orderly winding up of credit unions and the sale of their assets. If necessary, a resolution fund financed first by a returnable deposit by the Irish state and then gradually financed by a special tax on banks will provide a financial incentive for the sale. The extended scheme is slightly different from the previous version, but the Commission decided that the temporary scheme is a well-targeted, proportionate and limited way means of remedying a serious disturbance in the Irish economy. (FG/transl.fl)