24/06/2019 (Agence Europe) – On Monday 24 June, the European Commission approved the extension, until 31 May 2020, of the Irish regime for the resolution of credit unions, which allows for their orderly winding-up. This plan aims to safeguard 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 here to the minimum necessary for an orderly liquidation. The buyer does not benefit from an undue economic advantage due to the acquisition of undervalued assets and debts. The Commission first approved this scheme in December 2011, before extending it several times, most recently in December 2018 (see EUROPE 12139/18). (LT)