Dáil Éireann debate -
Tuesday, 6 Jul 1993

Vol. 433 No. 5

Written Answers. - Credit Unions.

Ivan Yates

Question:

69 Mr. Yates asked the Minister for Enterprise and Employment if his attention has been drawn to the fact that many Credit Unions' annual returns to the Registrar of Friendly Societies are many years behind; if he has satisfied himself with the management of this registry; whether the Irish League of Credit Unions has paid for any holidays or other perks for the staff of this office; if he has satisfied himself that there is adequate supervision of the Credit Union Act, 1966, in this regard; and if he will make a statement on the matter.

Minister for Enterprise and Employment (Mr. Quinn)

Credit Unions are obliged to make by the end of February each year, an annual return to the Registrar of Friendly Societies made up to 30 September of the previous year. I am advised by the Registrar that at this point in time, 395 Credit Unions out of the 419 on the register at 30 September 1992 have submitted the required returns for the year ended 30 September, 1992. All returns in respect of previous years (i.e. up to and including the year ended 30 September, 1991) have been received by the Registrar.

I am satisfied that the Registry is being managed in a competent and effective manner. For example, even though Registry staff numbers have been reduced in recent years, the existing staff have continued to carry out their work load efficiently.

I am advised by the Registrar that the Irish League of Credit Unions has never paid for any holidays or other perks for himself or his staff. The Registrar and one or two members of his staff (the number has varied from year to year) have traditionally attended the Annual Conference of the Irish League of Credit Unions as guests of the Irish League. The Conference which normally takes place during the last weekend of April is a valuable source of information and understanding of the Irish League of Credit Unions' approach to operating within the existing Credit Union legislation and to the workings of the Credit Union movement in general in Ireland. I understand that the Registrar of Friendly Societies for Northern Ireland and his Assistant Registrar have also traditionally attended this Annual Conference as guests of the Irish League.

I am satisfied that there has been competent and effective supervision of the Credit Union Act, 1966 by the Registrar over the years. The best measure of effectiveness in the regulation and supervision of Credit Unions would probably be the avoidance of a Credit Union failure. In this connection, no Credit Union has failed to date.

I expect to be in a position to present a Credit Unon Bill to the Oireachtas in the near future. In this regard the good working relationship which exists between the Irish League of Credit Unions and the Registrar of Friendly Societies has contributed significantly to the preparatory work.