COVID-19 Update for Credit Unions
COVID-19 Update for Credit Unions 30th March 2020
The ILCU is continuing to engage extensively on behalf of our affiliated credit unions with both Government and Regulators, North and South, in an ongoing effort to seek relief measures for credit unions which will assist them to respond to the needs of their members during the COVID-19 crisis. We have re-affirmed with both Regulators and Governments that credit unions are considered essential services in both jurisdictions. We have given assurances that our affiliated credit unions and their dedicated staff will continue to be to the fore in providing their essential services to members.
ILCU President Gerry Thompson and members of the Senior Management team (SMT) participated in a teleconference meeting with the Central Bank (CBI) on Friday 27th March. As well as discussing business continuity for credit unions, the ILCU again raised a number of proposed regulatory relief measures including postponement of levy charges, review of regulatory reserve requirement, and transitional relief in respect of certain investment regulations. The ILCU also offered to collaboratively develop specific loan impairment provision guidelines in the context of COVID-19. Separately, the ILCU is assessing the operational implications of the CCR guidance issued last Thursday.