Dáil Éireann Debate, Tuesday - 28 February 2017
234. Deputy Michael McGrath asked the Minister for Finance the reason a credit union (details supplied) has not been allowed by the Central Bank to hold an AGM since 2012; the number of credit unions that have had their AGMs delayed for more than nine months; and if he will make a statement on the matter. [10226/17]
View answerThe Central Bank of Ireland is responsible for the regulation of credit unions registered under the Credit Union Act, 1997 (as amended) (1997 Act).
The Central Bank is subject to strict confidentiality requirements and cannot comment on individual credit unions.
In relation to the holding of an Annual General Meeting (AGM) in accordance with Section 78(2) of the 1997 Act, the Central Bank informs me that it works closely with credit unions on a case by case basis to resolve any regulatory issues arising before a credit union can hold its AGM. In this regard members should seek information from their individual credit union regarding the proposed timing of their AGM.
Under section 78(4) of the 1997 Act the Central Bank may direct a credit union to postpone, for a period not exceeding nine months, the holding of the annual general meeting of a credit union. The Central Bank states that any actions taken by the Central Bank are taken in the interests of credit union members and protecting their savings and in the interests of the orderly and proper regulation of the business of a credit union in line with its statutory mandate.
The Central Bank further informs me that at present, less than 5% of all active credit unions have had their AGMs delayed for more than nine months. The Central Bank is working closely with each one of these credit unions to address any regulatory issues in advance of their AGMs being held.
