Dáil Éireann Debate, Wednesday - 31 March 2021
129. Deputy Thomas Gould asked the Minister for Finance if his attention has been drawn to a situation in relation to a credit union (details suppled) that has continued to refuse to supply a death grant to members despite a motion passed unanimously at its last AGM. [17158/21]
View answerThe Central Bank have informed me that credit unions may participate in Death Benefit Insurance schemes whereby a payment, intended to assist with funeral expenses, is made following the death of a member. Central Bank credit union regulations do not place any specific requirements on credit unions that participate in Death Benefit Insurance schemes. The Death Benefit Insurance is provided by insurance undertakings. Some credit unions discharge some or all of the cost of the insurance on behalf of their members, while other credit unions have adopted a member pay approach.
The Credit Union Act, 1997 is silent on withdrawal of services or the notice to be provided to members by credit unions before the withdrawal of services. However, the Registry of Credit Unions expects credit unions to communicate with their members in a clear and transparent manner, including in circumstances where they intend to amend or discontinue an existing service. The Registry of Credit Unions also expects credit unions to give reasonable notice to affected members in such circumstances.
Part V of the 1997 Act sets out provisions relating to meetings and resolutions. However, it is silent on motions moved at general meetings.
As Minister for Finance, I recognise the important role of credit unions as a volunteer co-operative movement and the Government is determined to continue to support a strengthened and growing credit union movement. However, it is a commercial decision for individual credit unions to determine whether they decide to offer Death Benefit Insurance or indeed whether they decide to discontinue providing the service.
