Dáil Éireann debate -
Tuesday, 30 Jun 1998

Vol. 493 No. 3

Written Answers. - Credit Union Act, 1997.

Trevor Sargent

Question:

48 Mr. Sargent asked the Tánaiste and Minister for Enterprise, Trade and Employment the take-up to date in 1998 among individual credit unions of the enabling functions contained in section 44 of the Credit Union Act, 1997; her Department's estimate of the overall value to the development of the prescribed social, cultural, charitable or community development purposes at local and community level if all of the credit unions affiliated to the Irish League of Credit Unions were to adopt this section of the Act and apply it within their own common bonds; and if she will make a statement on the matter. [15600/98]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy)

Having consulted with the Registrar of Friendly Societies on this matter, neither of us is aware, that there has been any take-up among individual credit unions of the enabling provisions contained in section 44 of the Credit Union Act, 1997. This allows for the establishment by credit unions of special funds for social, cultural or charitable purposes. If all credit unions in the State affiliated to the Irish League of Credit Unions were to establish in 1998, the permitted special funds at the maximum levels allowed in sections 44(3) and 44(4), the Registrar has estimated that their initial value would be of the order of £11.25 million.

Through the publication and circulation last September of an Explanatory Guide to the Credit Union Act, 1997, our Department has made all credit unions aware of the provisions of the new Act. However, under section 44(1), the establishment of such a special fund is entirely a matter for decision by a majority of the members of each individual credit union attending and voting at its annual general meeting.