DUBLIN Ireland — The International Credit Union Regulators’ Network (ICURN) has completed an external review of the Central Bank of Ireland's regulation and supervision of the credit union sector.
"This is the first ever review performed by ICURN under its Guiding Principles for Effective Prudential Supervision of Cooperative Financial Institutions and its Guiding Principles for Enhancing Governance of Cooperative Financial Institutions,” said ICURN Chairman Martin Stewart.
Under the guidance of team leader Mary Martha Fortney, formerly president/CEO of the National Association of State Credit Union Supervisors (NASCUS), a team of credentialed and expert credit union regulators from Canada, the United Kingdom and the United States performed a rigorous assessment of the legal, regulatory and prudential supervisory and regulatory framework in place to fulfill the Central Bank's statutory mandate.
"This was a most worthwhile project undertaken by ICURN, the first of its kind, and we congratulate the Central Bank for its assessment and for its willingness to undertake this important endeavor,” said Stewart.
Several regulators are in various stages of consideration and possible application to ICURN for peer reviews of their particular jurisdiction.
The report was can be found here http://www.centralbank.ie/press-area/press-releases/Pages/StatementonexternalreviewoftheCentralBankofIreland’sregulationofcreditunions.aspx
ICURN is an independent international network of statutory credit union regulators that promotes the guidance given by the leaders of the Group of 20 (G-20) nations for greater international coordination among financial services regulators.