DUBLIN, Ireland–The Irish League of Credit Unions (ILCU), which represents 90% of the total active credit unions in the Republic of Ireland, said it has welcomed the announcement by the Department of Finance that the assessment for the Credit Institutions Resolution Fund and Credit Union Stabilization Fund will not be levied for 2026, 2027 and 2028 and will be reviewed in 2029.
“The ILCU welcomes today’s announcement by the Department of Finance as very positive news for the credit union sector,” Barry Harrington, head of Advocacy and Regulatory Engagement at the ILCU, said in a statement. “At the ILCU, we have actively engaged the Department and relevant stakeholders on both these funds since 2023 and we are delighted that these levies will not be levied for the coming three years.
‘Proportionate’ Environment
“This decision represents a cumulative saving of €8.4 million for our sector for 2026, 2027 and 2028, in addition to savings of €2.8 million for 2025,” he continued. “Overall, this decision concerning the levy, coupled with the Central Bank lending limit changes and the 2023 Act bring a more proportionate and supportive legislative, regulatory and levies environment.”
