Caoimhghín Ó Caoláin
Question:36 Deputy Caoimhghín Ó Caoláin asked the Minister for Finance when the report of the Commission on Credit Unions will be published; and if he will provide an update on the work of the commission. [19300/12]
View answerWednesday, 18 April 2012
Questions (42)
Written answers
The Commission on Credit Unions submitted its Report to me on schedule on the 31 March 2012. The Report was presented to Government yesterday and it was published this morning.
I welcome the Report and commend the Commission for its professional approach to the review of the sector. The agreement of all Commission participants to recommendations on issues such as restructuring and a strengthened regulatory framework for credit unions is a very positive outcome.
The Report of the Commission is a substantial document with recommendations on a broad range of issues. It begins by setting out the key features of credit unions in Ireland, their history and development. It then examines the financial position of the sector and considers findings from a survey of credit unions, a public consultation and a separate efficiency study of the sector. It provides an overview of alternative financial co-operative models in various countries across Europe and North America and it considers future models for credit unions in Ireland. The Report incorporates the recommendations of the Commission's Interim Report, published in October 2011, with regard to deposit protection, resolution, stabilisation, restructuring and liquidity and initial recommendations on legislation, regulation and governance. The key additional recommendations in the Report are in relation to sector restructuring, the details of the proposed new legislative and regulatory framework, and new governance requirements for credit unions.
I will now examine the Report in detail and will be informed by its recommendations in the preparation of reformed credit union legislation for publication by the end of June.