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Credit unions critical of Central Bank risk assessment system 

October 15, 2015

Ciarán Hancock, Irish Times

A large number of credit unions in Ireland believe the risk-assessment system operated by the Central Bank does not reflect the performance-based reporting taking place within credit unions.

According to a survey by accountants Mazars, just under 20 per cent of the 140 credit union chief executives and managers said the Prism system did not adequately take account of performance-based reporting in credit unions, with 57.5 per cent saying it “somewhat” did.

Mazars said the finding was “timely in the context of the recent findings in the peer review by the International Credit Union Regulators’ Network, which highlighted the need for the Registrar to improve communications and engagement with credit unions”.

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