Skip to main content
Normal View

Credit Unions Regulation

Dáil Éireann Debate, Tuesday - 16 October 2012

Tuesday, 16 October 2012

Questions (218)

Michael Healy-Rae

Question:

218. Deputy Michael Healy-Rae asked the Minister for Finance if he will ensure that the proposed new legislation and in particular the Credit Union Bill will not prevent credit unions from providing additional services to their members when and where they want them; and if he will make a statement on the matter. [44713/12]

View answer

Written answers

The Credit Union Bill 2012 reflects the agreed report of the Commission on Credit Unions and implements 60 of its recommendations. These recommendations were agreed by all members of the Commission, including credit union stakeholders. The report states that the level of additional services that may be provided by credit unions will depend on the business model of the credit union within the new tiered regulatory approach. It will be up to each credit union to decide its own model. Section 48 of the Credit Union Act 1997 governs the provision of additional services by credit unions and allows decisions to provide additional services to be made by members at a general meeting. As recommended by the Commission, the Credit Union Bill 2012 amends the 1997 Act provisions by allowing decisions to provide additional services to be made either by members at a general meeting, or by the board of directors. Once this decision has been made, the credit union must obtain approval from the Central Bank to provide this service, unless that service has been exempted from requiring such approval by regulations previously made by the Minister or, under new proposals, by the Central Bank. A credit union must ensure that it has appropriate systems and controls in place when providing additional services.

Top
Share