Dáil Éireann Debate, Thursday - 7 July 2022
188. Deputy Róisín Shortall asked the Minister for Finance when he intends to publish legislation to amend the Credit Union Act 1997; his plans to increase the role of credit unions in the banking sector; and if he will make a statement on the matter. [36948/22]
View answerThis Government recognises the importance of credit unions. The Programme for Government contains commitments to:
- Review the policy framework within which credit unions operate;
- Enable and support the credit union movement to grow;
- Support credit unions in the expansion of services, to encourage community development; and
- Enable the credit union movement to grow as a key provider of community banking in the country.
With regard to fulfilling the commitments in the Programme for Government for credit unions, the Review of the Policy Framework has been completed.
Minister of State Sean Fleming recently met with all the credit union representative bodies on the proposals and they broadly support the proposals.
The policy proposals being progressed address five key objectives:
1. Improving member services
2. Supporting investment in collaboration
3. Supporting Governance
4. Recognition of the role of credit unions
5. Transparency of regulatory engagement
Cumulatively, the desired outcome of these objectives is to strengthen the role of credit unions as a provider of community banking and to further enable credit unions to focus on priorities that will better position the sector to face the challenges and opportunities of the future.
In developing these proposals Minister Fleming has met the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers Association, the National Supervisors Forum, the Registrar of Credit Unions, the Credit Union Advisory Committee, the CEO Forum, collaborative ventures and many individual credit unions.
In total as part of the Review process Minister Fleming has held over fifty stakeholder meetings with the credit union sector and considered well over one hundred proposals.
We will go to Cabinet shortly to seek approval to draft a Bill to implement the proposals.
