Skip to main content
Normal View

Credit Unions Issues

Dáil Éireann Debate, Thursday - 3 October 2013

Thursday, 3 October 2013

Questions (72)

Luke 'Ming' Flanagan

Question:

72. Deputy Luke 'Ming' Flanagan asked the Minister for Finance if he will instruct AIB, a State owned bank, to assist the credit union movement with access to the clearing system to enable credit unions to offer full account services to their members; and if he will make a statement on the matter. [41555/13]

View answer

Written answers

AIB does not currently offer this service but, as the Deputy will be aware the Relationship Framework with the bank provides that the State will not intervene in the day-to-day operations of the bank or their management decisions. These frameworks are published on the Department of Finance website. I must ensure that the bank is run on a commercial, cost effective and independent basis to ensure the value of the bank as an asset to the State, as per the Memorandum on Economic and Financial Policies agreed with the EU Commission, the ECB and the IMF. The Commission on Credit Unions in its final report states that while around 10% of credit unions have their own National Sort Code, a higher percentage currently facilitate incoming and outgoing payments, including social welfare payments and card based withdrawals, through a variety of arrangements. BNP Paribas and Bank of Ireland currently offer payment clearing arrangements to credit unions.

Top
Share