Terence Flanagan
Question:36. Deputy Terence Flanagan asked the Minister for Finance if there is any provision for credit unions against loss; and if he will make a statement on the matter. [49855/13]
View answerThursday, 21 November 2013
Questions (36)
Written answers
Under the Credit Union Act 1997 credit unions are required to set aside provisions to deal with expected losses. An amount of €830.9 million in total provisions for bad debts was reported in the quarterly prudential returns to the Central Bank as at 30 September 2013. This amount compares with arrears in the sector of €816.1 million as reported on the same date. While these are unaudited figures, they do indicate that just over 100 per cent of arrears are currently being provided for.