Dáil Éireann Debate, Thursday - 14 November 2013
52. Deputy Michael McGrath asked the Minister for Finance if he intends to put additional money into the credit union fund following recent events at Newbridge Credit Union; and if he will make a statement on the matter. [48775/13]
View answerThe Government has set up two funds to support the stability of the credit union sector. The Credit Union Fund contains €250 million for the purpose of voluntary restructuring under the Credit Union Restructuring Board - ReBo.
The Government put €250 million into the Resolution Fund which was set up under the Central Bank and Credit Institutions (Resolution) Act 2011. The Resolution Fund provided support for the transfer of Newbridge Credit Union to PTSB. As the incentive will cost up to €53.9 million, I do not envisage additional money being required for the Fund at this time.
