Dáil Éireann Debate, Wednesday - 18 November 2015
38. Deputy Pearse Doherty asked the Minister for Finance his plans to engage with the credit union movement before the commencement of the remaining element of the 2012 Credit Union and Co-operation with Overseers Regulators Act. [40340/15]
View answerThe Government recognises the distinct and important role that credit unions play in Irish society and in the financial sector and it is committed, with the Central Bank, to achieving our vision of financially strong, well governed credit unions providing appropriate services to current and to future members.
I have met with the three main credit union representative bodies and have discussed with them their issues of concern surrounding the perceived impact of implementing the regulations. While I am very aware of concerns raised by the credit union sector in relation to the proposed regulations, the implementation of regulations is a matter for the Registrar of Credit Unions at the Central Bank, in her role as independent regulator for credit unions. However, I have asked the Registrar of Credit Unions to consider the views of the credit union movement as regards the draft regulations and their implementation and come back to me before I commence the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012 on 31 December 2015, in line with the introduction of the regulations. These sections of the 2012 Act, when commenced, will replace, amend or supplement existing sections of the Credit Union Act 1997.
