Dáil Éireann Debate, Tuesday - 12 February 2013
210. Deputy Pearse Doherty asked the Minister for Finance further to the publication of the December 2012 Exchequer statement, if he will explain the €250m contribution to the credit union fund; and if he will provide an estimate of any additional contributions identified, showing the estimated date of disbursement and amount. [6628/13]
View answerThe Credit Union Fund was established by ministerial order under section 57 of the Credit Union and Co-operation with Overseas Regulators Act 2012. I contributed €250 million to the Credit Union Fund in December 2012 to support the restructuring of the credit union sector by the Restructuring Board (‘ReBo’) in line with the recommendations of the Commission on Credit Unions. No further Exchequer contributions to the Fund are planned. The ReBo is working to the timetable set out in the Commission’s report and is expected to complete its work by the end of 2015 with any necessary disbursement of funding taking place before then. Any funding provided to credit unions will be on a recoupable basis.
