Dáil Éireann Debate, Thursday - 11 July 2013
76. Deputy Finian McGrath asked the Minister for Finance if a final report on strengthening the credit union movement has been provided to the troika and the proposals the report contains; and if he will make a statement on the matter. [34097/13]
View answerThe Commission on Credit Unions produced its final Report in March 2012, making recommendations regarding the strengthening of the regulatory framework of credit unions, including more effective governance and regulatory requirements. The key recommendations are in relation to sector restructuring, the details of the new legislative and regulatory framework, and new governance requirements for credit unions. These recommendations informed the preparation of the Credit Union and Co-operation with Overseas Regulators Act 2012. The Act implements over 60 of the recommendations of the Final Report of the Commission on Credit Unions, which was agreed over a nine-month period by all Commission members, including credit union representatives. Although the Troika are familiar with the Commission’s Report, no separate report on credit unions was requested by the Troika.
