As underlined in the Time for Change recommendations, the key to creating a balance between a more commercial focus and the special ethos of the credit union movement is to establish and maintain a culture of self-regulation throughout the organisation.

Such activities include:

Data Collection & Monitoring

Continuous assessment and reviews of internal and external practices contributes significantly to a smoothly run operation. ‘Safety and soundness’ audits are now a regular feature and technical assistance is also available on systems such as the PEARLS desktop monitoring programme. Click on Monitoring in the left bar for more information.

Savings Protection Scheme

One of the great success stories of the credit union movement, the Savings Protection Scheme (SPS) has a fund of over EUR 100 million as at the end of 2006. The SPS protects the individual savings of members by making sure that credit unions are financially and administratively sound and by providing remedial help to any credit union which shows signs of weakness in these areas. Participation in the SPS does not confer a legal right on a credit union to receive any financial assistance under the scheme. Provided assistance is given under the scheme the savings of individual credit union members may be protected up to a maximum of EUR 12,700. Click on Monitoring in the left bar for more information.

Supervision & Support

As part of its mission to provide effective leadership, the ILCU has four Business Relationship Managers charged with providing the necessary advice, information, expertise and general support to all credit unions in a non-intrusive manner. Click on Monitoring in the left bar for more information.