Dáil Éireann Debate, Tuesday - 28 February 2012
157 Deputy David Stanton asked the Minister for Finance further to Parliamentary Question No. 24 of 1 February 2012, if he will consider introducing a legal framework whereby credit unions, who are unhappy with lending restrictions imposed on them by the Registrar of Credit Unions, have access to an appeals mechanism; and if he will make a statement on the matter. [10909/12]
View answerSection 87 of the Credit Union Act 1997 provides the Central Bank — incorporating the Registrar of Credit Unions — with the power to issue regulatory directions on certain grounds. This includes the power to place lending restrictions on credit unions. I have asked the Commission on Credit Unions to consider if there is a need for an appropriate appeal mechanism for regulatory directions under the Credit Union Act 1997.
The final report of the Commission on Credit Unions is due to be submitted to me by the end of March. I do not propose to bring forward proposals on this issue until I have had the benefit of considering the Commission's recommendation.
