Dáil Éireann Debate, Tuesday - 4 March 2014
40. Deputy Ciara Conway asked the Minister for Finance if he will confirm that credit unions must hold a yearly annual general meeting; if it is within the remit of the registrar of credit unions to refuse credit union members an AGM; and if he will make a statement on the matter. [10647/14]
View answer41. Deputy Ciara Conway asked the Minister for Finance in the case of a credit union (details supplied) in County Waterford, if his attention has been drawn to the fact that shareholders have been refused an annual general meeting for more than two years; the measures that can be used to appeal such an decision; and if he will make a statement on the matter. [10648/14]
View answerI propose to take Questions Nos. 40 and 41 together.
The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions.
Credit unions are required to hold an Annual General Meeting (AGM), in accordance with Section 78(2) of the Credit Union Act 1997, within four months of the end of the financial year, which is 30 September. 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. In some cases AGMs may be deferred by way of the Central Bank advising the credit union concerned that specified regulatory matters in relation to the finalisation of the annual accounts must be resolved. Under section 78(4) of the Credit Union 1997 the Central Bank may also direct a credit union to postpone, for a period not exceeding nine months, the holding of the annual general meeting of a credit union; these directions are not appealable. I am advised by the Central Bank that any actions by it are taken in the interest of credit union members and the protection of their savings, in line with the Bank's statutory mandate.
Where members are seeking information regarding the proposed timing of their AGM, they should request this information from their credit union.
