Dáil Éireann Debate, Thursday - 14 July 2016
69. Deputy Michael McGrath asked the Minister for Finance when he will develop a new strategy for the growth and development of the credit union sector, as committed to in the programme for Government, and in the framework agreement entered into with Fianna Fáil; and if he will make a statement on the matter. [21817/16]
View answerCredit unions have a key role to play in providing access to credit and other important services in local communities throughout the country.
In December 2015 I invited the Credit Union Advisory Committee (CUAC) to carry out a review of the Implementation of the Recommendations set out in the Report of the Commission on Credit Unions. I published the final report on 6th July 2016.
CUAC has produced a significant Report providing an in-depth analysis of the sector from a financial perspective and met with a range of stakeholders to ensure a balanced report providing focused and effective recommendations.
The recommendations are provided under seven specific headings; tiered regulation, section 35, consultation and engagement with the Central Bank, governance, restructuring, business model development and additional matters.
As announced last week, I will establish an Implementation Group to oversee and monitor implementation of these recommendations, which will support Credit Unions in developing their business model.
This Report also fulfils one of the key credit union objectives as outlined in the Programme for Partnership Government which states that the Credit Union Advisory Committee (CUAC) conduct a review on the implementation of the recommendations outlined in the Report of the Commission on Credit Unions.
The Government recognises the important role of credit unions as a volunteer co-operative movement in this country. The Government's priorities remain the protection of members' savings, the financial stability of credit unions and the sector overall and it is determined to support a strengthened and growing credit union movement.
