I have requested the Financial Regulator to carry out a strategic review of the credit union sector in Ireland. This will involve an examination of the structure, operation, regulation and legislation of the credit union sector with a view to providing a report making recommendations, including specific proposals to strengthen prudential soundness, which will advise and inform an assessment of the future strategic direction of credit unions. The Terms of Reference have not yet been finalised.
The Financial Regulator is currently undertaking a tender process, in accordance with the public procurement guidelines, to select the most suitable candidate to undertake the strategic review. The initial stage of the tender process, inviting Expressions of Interest, has recently concluded. The criteria that candidates are required to meet to progress to the next stage of the tender process were designed to ensure that the candidates selected have the necessary financial, economic and technical capacity to carry out such work and have sufficient skills, experience and levels of resources available.