Dáil Éireann Debate, Tuesday - 27 May 2014
93. Deputy Pearse Doherty asked the Minister for Finance if he favours the three tiered regulatory approach to credit unions as proposed by the Commission on Credit Unions or the two tiered approach currently being proposed by the Central Bank of Ireland; and if he will make a statement on the matter. [22305/14]
View answerThe Commission on Credit Unions in its final Report recommended a tiered regulatory approach for credit unions. This will allow certain credit unions take on a more sophisticated business model.
In December 2013, the Registrar of Credit Unions at the Central Bank issued a consultation paper on a proposed tiered regulatory approach in order to provide an opportunity for credit union stakeholders to set out their views across a range of issues. I have been informed by the Registrar of Credit Unions that the structure of the tiered regulatory approach has not yet been agreed. The purpose of the consultation process is to seek views from credit unions and other sector stakeholder on:
- the proposed approach to tiering;
- the high level operation of the tiers, including the activities and services proposed for credit unions in each tier; and
- the appropriate timing for the introduction of a tiered regulatory approach for credit unions.
The consultation process was extended by one month to 31 March 2014, at the request of sector stakeholders. The Registrar of Credit Unions is currently considering over 160 submissions received and following analysis of these submissions, will communicate with credit unions and other stakeholders in relation to the proposed next steps in this process.
