Dáil Éireann Debate, Wednesday - 20 September 2017
184. Deputy Richard Boyd Barrett asked the Minister for Finance if his attention has been drawn to the fact that core credit unions have taken a vote to expel members who have less than €10 in their account; and if he will make a statement on the matter. [39719/17]
View answerThe Credit Union Act 1997 (1997 Act) contains provisions in relation to membership, membership approval and expulsion.
In particular Section 17(3) of the 1997 Act states that a person shall not be a member unless he has at least one fully paid-up share in the credit union, but the rules of the credit union shall not require a person to have more than €10, or such larger sum as may be prescribed, in fully paid-up shares as a condition of membership. In addition Section 17(8) of the 1997 Act states that a member of a credit union shall not be excluded from membership by any amendment of the credit union's rules registered after he became a member.
Individual credit unions may prescribe rules on membership. These rules must be in accordance with sections 13 to 15 of the 1997 Act, and must not conflict with the legislative requirements of the Act.
Where a member is seeking information or has concerns regarding the operation of their credit union, they should request this information from their credit union in the first instance, including clarification on what rules applied to that particular member at the time they became a member.
The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members.
