Dáil Éireann díospóireacht -
Tuesday, 3 Nov 1998

Vol. 495 No. 7

Written Answers. - Credit Union Act.

Trevor Sargent

Ceist:

119 Mr. Sargent asked the Tánaiste and Minister for Enterprise, Trade and Employment the proposals, if any, she has following the review of the legislative regime as it applies to the taxation of credit unions to intervene to encourage credit unions to give effect to sections 44(3) and 44(4) of the Credit Union Act, 1997, having regard to her reply to Parliamentary Question No. 48 of 30 June 1998. [19186/98]

Minister of State at the Department of Enterprise, Trade and Employment (Mr. Treacy).

In my reply to a parliamentary question of 30 June from the Deputy, I indicated that our Department has already made credit unions aware of the possibilities afforded by section 44 of the 1997 Credit Union Act for funding community development and other similar purposes. It is, however, up to the members of individual credit unions voting at a general meeting to decide whether or not they will establish such a special fund.

The annual general meetings of credit unions tend to be held in the October to January period, and I took advantage of a scheduled meeting with the Irish League of Credit Unions last week to encourage the league to remind its credit union members of the facility available to them in section 44 of the Act. The league undertook to do so. I do not see any link between this matter and the issue of the taxation of credit union savings which has been the subject of a recent report to the Minister for Finance.