16/11/2018 (Agence Europe) – The European Commission approved, on Friday 16 November, the extension until 31 May of the Irish credit union resolution scheme, which will allow for the orderly winding-up of credit unions. This plan aims to safeguard the country's financial stability when a credit union becomes unable to meet regulatory requirements. In this case, the Irish authorities may provide aid for transferring the assets and liabilities of a failing credit union to an acquirer through a competitive process. The aid is limited to the minimum necessary for an orderly winding-up, and that no buyer gains an undue economic advantage through the acquisition of under-priced assets and liabilities. The Commission first approved the scheme in December 2011, before extending it several times. (LT)