Thursday, 5 July 2012

Questions (45)

Billy Kelleher

Question:

37 Deputy Billy Kelleher asked the Minister for Finance the discussions he has had with the Irish League of Credit Unions regarding the restructuring of the sector; and if he will make a statement on the matter. [32715/12]

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Written answers (Question to Minister for Finance)

The Government established the Commission on Credit Unions in May 2011 to review the future of the credit union movement and to make recommendations in relation to the most effective regulatory structure for credit unions. The Commission, which included two members of the Irish League of Credit Unions (ILCU), met on 29 occasions before publishing its Final Report on 18 April 2012. Restructuring of the credit union sector formed a core element of the recommendations in the Report which was fully agreed by all members. The Commission reconvened on 14 June 2012 to discuss the General Scheme of the Credit Union Bill 2012, which was published on 28 June 2012 and contains legislative proposals on a number of issues, including the restructuring of the credit union sector which reflects the approach agreed by the Commission in its Report.

The Credit Union Restructuring Board (the ReBo) will be established in the coming weeks, as per the recommendation of the Commission. The role of the ReBo Board is to oversee and facilitate the restructuring of the credit union sector and will include credit union representative bodies, as recommended in the Commission Report.

Question No. 38 answered with Question No. 11.
Question No. 39 answered with Question No. 18.