Beverley Flynn
Question:463 Ms Cooper-Flynn asked the Minister for Finance his plans to amend Section 35 of the Credit Union Act 1997 to enable credit unions to lend a greater percentage of new loan books. [28174/06]
View answerWednesday, 27 September 2006
Questions (416, 417, 418, 419, 420)
Finian McGrath
Question:465 Mr. F. McGrath asked the Minister for Finance if he will lift the restrictions under Section 35 of the Credit Union Act 1997 as it prevents credit unions from servicing their members and communities and is blocking the growth and development of credit unions here. [28223/06]
View answerBeverley Flynn
Question:471 Ms Cooper-Flynn asked the Minister for Finance his views on amending Section 35 of the Credit Union Act 1997 in order to allow credit unions to increase the proportions of their resources which they may advance in loans to their members. [28292/06]
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Dan Neville
Question:496 Mr. Neville asked the Minister for Finance if the Committee whose task it is, will examine the issue of long term lending by credit unions; when it is envisaged that this review will be completed; and if they have begun the review yet. [28998/06]
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Joan Burton
Question:523 Ms Burton asked the Minister for Finance if he has concluded the review of credit union powers in respect of loans and mortgages; when he expects to communicate his decision to the credit unions; and if he will make a statement on the matter. [29476/06]
View answerWritten answers
I propose to take Questions Nos. 463, 465, 471, 496 and 523 together.
I referred the case for a review of the limits on longer term lending set out in section 35 of the Credit Union Act, 1997 to the Credit Union Advisory Committee (CUAC) earlier this year. In July, CUAC — the statutory expert advisory body on credit union matters — advised me that a review should take place to see if a change in the lending limits is advisable at this time taking all relevant factors into account.
A review group has now been established chaired by my Department comprising representatives of the Financial Regulator, the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA) to report to me by the end of next month. I will consider the matter further in light of the outcome of the work of the review group.