Holly Cairns
Question:380. Deputy Holly Cairns asked the Minister for Finance the steps that he is taking to enable the credit union movement to grow as a key provider of community banking in the country. [40780/22]
View answerTuesday, 26 July 2022
Questions (380)
Written answers
This 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. The Government recently approved the drafting of legislation to implement the proposals, which have received broad support from all of the representative bodies.
The policy proposals contained in the Review address five key objectives:
1. Recognition of the role of credit unions
2. Supporting investment in collaboration
3. Supporting Governance
4. Improving member services
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 50 stakeholder meetings with the credit union sector and considered well over 100 proposals.