Joe McHugh
Question:280. Deputy Joe McHugh asked the Minister for Finance if he will consider setting up a body of appeal for the credit union movement; and if he will make a statement on the matter. [21729/21]
View answerWednesday, 28 April 2021
Questions (280)
Written answers
The Registrar of Credit Unions at the Central Bank is the independent regulator for credit unions. Within his 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.
The Central Bank have informed me that a body of appeal is already in place for credit unions under Part VIIA of the Central Bank Act, 1942, which establishes and makes provision for the functions and operation of the Irish Financial Services Appeals Tribunal (IFSAT) to which certain Central Bank decisions can be appealed.
The Credit Union Act 1997 Act sets out a list of appealable decisions (under Section 52). This list was expanded following the Commission on Credit Unions’ recommendations in 2012.
Areas of the 1997 Act where credit unions have a right to appeal include, among others, appeals against regulatory directions given by the Central Bank under Section 87(1) or 87(2) or against decisions to refuse approval for the provision of an additional service by a credit union under Section 49(3)(b).
The Central Bank have informed me that it engages in a transparent manner with individual credit unions in relation to regulatory decisions and provides an opportunity for the credit union to ask any specific questions arising and/or to provide relevant additional information prior to finalisation.