LICUSLow Income Countries Under Stress (World Bank)
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8; "LICUS" is later substituted for "fragile states" by the authors themselves.
However, that LICU is also expected to develop a detailed risk policy on the topic and price to cover risk.
"Supporting Security in Fragile States," paper presented to World Bank LICUS Seminar, September 14, processed.
(13.) Approximately $US25 million were made available, largely for institutional strengthening in LICUS countries.
And while LICUs often have to work with limited resources themselves, using volunteer and part-time staff and insufficient capital to provide for their constituents, a report released last year shows them to be flourishing.
LICUs also have the added advantage of being able to accept deposits from nonmember sources, such as larger credit unions or banks.
No previously unqualified credit unions were made LICUs. The NCUA expedited application process simply allowed 1,003 federal credit unions already meeting the statutory definition of a low-income credit union to apply for a designation they already had the legal authority for which to apply.
And, in passing that monumental 1998 legislation, Congress expressly exempted LICUs from the MBL cap.
These credit unions were already eligible for LICU status, and the NCUA has not "unilaterally acted to designate credit unions" as LICUs.
There's also secondary capital assistance available to LICUs. This is entirely appropriate as a good investment for other credit unions.
Without an amendment to existing regulations, LICUs that choose to accept TARP funds in the form of secondary capital will be required to hold an annually decreasing percentage of TARP funds at 9% interest over five years, a rate potentially higher than other rates that would become available on secondary capital accounts, the agency explained.
"Moreover, examiners should recognize that LICUs and CDCUs systematically show higher operating costs than other credit unions because of the nature of the field of membership they serve," the agency wrote.