Dáil Éireann Debate, Tuesday - 9 June 2015
325. Deputy Michael McGrath asked the Minister for Finance the total administration costs of the Credit Union Restructuring Board for each calendar year since its establishment; and if he will make a statement on the matter. [21947/15]
View answerThe Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and placed the Credit Union Restructuring Board - ReBo - on a statutory footing from 1 January 2013. ReBo is currently in the process of overseeing and facilitating restructuring on a voluntary, incentivised and time-bound basis and is working towards the timetable set out in the Commission on Credit Unions report, with a view to completing the process by the end of 2015.
The Government has made available €250 million to the Credit Union Fund for the voluntary restructuring of credit unions.
ReBo's administrative costs since establishment are as follows:
- 2013 €696,000
- 2014 €1,254,000
Consistent with the co-funding of ReBo by the credit union movement and the State, as recommended by the Commission on Credit Unions, a levy on the sector has been put in place to recoup 50% of ReBo's total expenditure.
