Michael Moynihan
Question:135. Deputy Michael Moynihan asked the Minister for Finance the status of his recent engagement with the Central Bank regarding the difficulties faced by the credit union sector. [62058/21]
View answerThursday, 16 December 2021
Questions (135)
Written answers
Minister Fleming, Minister of State with responsibility for credit unions, last met with the Central Bank in November. This meeting afforded him the opportunity to gain feedback on regulatory issues.
Legislative or regulatory amendments alone will not solve the financial challenges arising from the low/negative interest rate environment, muted credit demand, strong savings growth, and high operating costs. To address these issues, credit unions must develop their business models and enhance collaboration.
Officials in the Department of Finance continue to actively engage with the Central Bank in addition to the Central Bank conducting its own extensive stakeholder engagement.