16/11/2015 (Agence Europe) - Irish credit union restructuring scheme prolonged. On Monday 16 November, the European Commission approved prolongation of an Irish scheme aimed at restructuring credit unions until 30 April 2016. Restructuring involves merging weaker and stronger credit unions, providing, if necessary, a capital injection to make up any shortfall in the capital reserve requirements of the merged credit union. Stabilisation involves assisting fundamentally viable credit unions that have temporarily slipped below the regulatory reserve requirements. The scheme will have a budget of €250 million to provide Irish state support for mergers and a budget of €30 million to stabilise specific credit unions that will be funded via a sector levy. (EL)