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Credit Unions

Dáil Éireann Debate, Tuesday - 2 November 2021

Tuesday, 2 November 2021

Questions (267)

Thomas Pringle


267. Deputy Thomas Pringle asked the Minister for Finance if his Department has carried out a review on the impact the regulatory environment has had on recruitment and retention of voluntary board members to credit unions; and if he will make a statement on the matter. [52472/21]

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Written answers (Question to Finance)

The appointment if a Credit Union Advisory Committee (CUAC) is a statutory requirement under section 180 of the Credit Union Act 1997.

Under the Minister’s guidance to examine the “people” aspect off the sector, the CUAC chose to prioritise undertaking research with Directors during 2019. This research had a number of purposes: primarily to understand the issues and challenges facing Directors and to explore their role in the context of the current governance structure, operating framework and the broader environment that credit unions conduct business in. Furthermore it was designed to provide a better understanding and obtain a more detailed profile of credit union boards thereby helping to inform policy decisions in relation to boards and directors. In February 2020 “A Report On Research Into Credit Union Directors” was published.

In regards to the recruitment and retention of directors, while noting a number of issues the report also highlights that the sector has been successful in attracting new directors. 71% of survey respondents to the report having been appointed director since 2013. 924 directors responded to an online survey and 36 directors participated in a number of focus groups as part of the research.

The CUAC continues to actively consider the issues of recruitment and retention in regards to directors.

The Department of Finance has also engaged extensively with the credit union representative bodies and CUAC as part of its Programme for Government Review of Policy Framework of Credit Unions and this Review is at an advanced stage.