I have requested the Financial Regulator to carry out this Strategic Review of the Credit Union Sector in Ireland. The Project is being managed by the Registrar of Credit Unions and my officials are liaising closely with him in relation to the project. With regard to progress, the Registrar has received expressions of interest and has issued an invitation to tender to a short-list of tenderers. It is anticipated that the selection process will be completed by June 2010 and work will begin shortly thereafter. I expect to have a report on the full project by end-March 2011.
The scope of the review has been agreed with my Department. The review will include a financial review and a risk analysis of the credit union sector, an examination of the external support mechanisms required for the protection of members' savings, governance and competency standards and the regulatory and legislative framework. The impact of current and emerging consumer protection requirements, other European Union legislation and services on offer by credit unions will also be included in the review.
In relation to the further development of the credit union sector, the outcomes for this project are to develop proposals and make recommendations for a modern operational model for credit unions, supported by an appropriate and enabling legislative and regulatory framework. This framework must reflect the needs of credit unions and of their members. It should be able to support the development of the movement into the future.