Dáil Éireann Debate, Tuesday - 18 February 2014
174. Deputy Terence Flanagan asked the Minister for Finance the reason for the delay in the Central Bank coming to agreement with a credit union (details supplied) regarding the building and value in use; when he expects that agreement to be reached which is stopping the credit union from having an annual general meeting; and if he will make a statement on the matter. [7750/14]
View answerThe Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions registered under the Credit Union Act, 1997 - as amended.
I have been informed by the Central Bank that it is subject to strict confidentiality requirements and cannot comment on individual credit unions.
Credit unions are required to hold an Annual General Meeting (AGM), in accordance with Section 78(2) of the 1997 Act, within four months of the end of the financial year. In relation to the holding of an AGM, the Central Bank works closely with credit unions on a case by case basis to resolve any regulatory issues arising prior to the holding of an AGM. Where members are seeking information regarding the proposed timing of their AGM, they should request this information from their individual credit unions.
Any actions taken by the Central Bank are taken in the interests of credit union members and the protection of their savings, in line with their statutory mandate.
