The Central Bank has provided the table below detailing the cost to the Central Bank of regulating the credit union sector in each year since 2012 to 2018 and to date in 2019, the amount received from credit unions through the industry funding levy, the number of persons working on credit union regulation in the Central Bank, and the payroll costs in each year.
The Central Bank have informed me that in terms of methodology used to calculate the cost of regulating the credit union sector, from 2012 to 2018, Industry Funding levies for credit unions were capped at 0.01% of the total assets of the credit union sector, with the remaining balance covered by the Bank through subvention.
In 2019, levies payable by credit unions will be based on a percentage of each credit union’s assets as at 31 December 2019 as reported in its end December quarterly return to the Central Bank. In accordance with the approval of the Minister for Finance, the percentage will be determined in such a way as to recover 20 per cent of the 2019 cost of regulating the sector.
|
Year
|
Average Staff numbers
|
Payroll Costs
€
|
Amount received through Levy
€
|
Cost of Regulating Credit Unions
€
|
|
2012
|
47
|
3,306,511
|
1,398,596
|
Note 1
|
|
2013
|
57
|
4,622,579
|
1,375,178
|
Note 1
|
|
2014
|
62
|
4,139,359
|
1,380,453
|
Note 1
|
|
2015
|
57
|
4,014,405
|
1,407,189
|
Note 1
|
|
2016
|
61
|
4,136,476
|
1,483,376
|
16,749,396
|
|
2017
|
67
|
4,724,492
|
1,598,873
|
19,931,556
|
|
2018
|
64
|
4,512,117
|
1,664,988
|
16,889,381
|
|
2019 Jan -Nov
|
58
|
4,026,269
|
Note 2
|
Note 2
|
Note 1 : the Central Bank have also informed me that it is unable to provide the full cost of regulation for the years 2012-2015 in the time available. The Central Bank are in the process of gathering this information which will be provided to the Deputy shortly.
Note 2 : a year-to-date figure is also not available for 2019 but a full year figure will be available in Q1 2020.
