News from CRM
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2011-Nov-08 Risk Management
The latest Central Bank statistics give objective evidence of many of the loan book problems credit union members
We are seeing a rise in balances on business credit cards - probably one of the few credit lines still
available to businesses and the self employed.
We have a decline in normal lending - home purchase and consumer credit - to 2006 levels, but an increase
in "other" lending over five years. This type of lending is very indicative of borrowing to repay existing loans.
2011-Oct-14 Synopsis Commission on Credit Unions Interim Report
The report finds that the credit union sector is not under-capitalised. In fact only 14% of credit unions fail to
meet the 10% regulatory reserve ratio, and only 7% are considered to be seriously under-capitalised.
Credit unions are not illiquid. In fact the credit union sector is excessively liquid, and under lent,
with a 2011 loan to asset ratio of 42%.
2011-Apr-05 Anti Money Laundering.
Eric Ducoulombier, EC Deputy Head of Financial Crime, announces a Fourth Anti Money Laundering
Directive will be brought forward in 2012 based on the revised F inancial Action Task Force 40+9
recommendations, and the Deloitte review of the EU implementation of the 3rd AML/TF.
2011-Apr-01 Press Release
St Raphael's Garda Credit Union Ltd, re-opens in their newly refurbished premises. John Dolan,
IT Service Director, project managed the relocation ensuring there was minimal impact on the credit union's
Central Bank of Ireland issues consultation paper on determining fitness and probity of specified
senior management and directors. Although this does not apply directly to credit unions, it does apply
to Payment Institutions; and is likely a flag of the direction that will be taken when credit unions
are addressed later.
Central Bank of Ireland issues guidance on holding investments and deposits with Irish institutions,
EU sovereign bonds after the degrading of their credit status by Moody's and Standards & Poor.
Central Bank of Ireland apply an administrative sanction of 100,000 EUR for deficiencies within a
stockbroker's trade reporting systems. In publishing the sanction, the Regulator has highlighted the
importance that all IT change programmes must be tested for full compliance with regulatory requirements.
Registrar of Credit Unions introduces new Section 35 rules linking liquidity ratio thresholds to long
term lending, and imposing provisioning rules on rescheduled loans.
2010-Sep-21 Press release
Larry Breen, Compliance Service Director, is awarded first place in the UCD School of
Professional Finance Certificate of Compliance exams. This is the only professional qualification in
compliance recognised under the IFSRA Minimum Competency regime.
2010-Jul-15 Anti Money Laundering
The Minister for Justice signs the commencement order for Criminal Justice (Money Laundering and
Terrorist Financing) Act 2010, transposing 2005/60/EC and 2006/70/EC (the 3rd AML directive) into Irish law.
2010-Jul-07 Data protection
Data Protection Commissioner publishes new Code of Practice for reporting data breaches. This code of
practice applies to all data controllers and data processors.
2010-Jun-26 Press release
St Raphael's Garda Credit Union Temenos T24 based, CU Plus, core member management and accounting
system goes live.
The Minister for Finance has transposed the Consumer Credit Directive (2008/48/EC) into Irish law.
2009-Dec-01 Press Release
St. Raphael's Garda Credit Union Ltd, having completed the design and build phase, appoint John Dolan,
IT Service Director, as delivery project manager to ensure go-live of Summer 2010.
2009-Nov-01 Payment Services
The Payment Services Directive takes effect, and classifies credit unions as payment institutions. It
imposes code of business rules in particular relating to value date of payments on all payment institutions.
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