Dáil Éireann Debate, Thursday - 3 October 2013
49. Deputy Timmy Dooley asked the Minister for Finance if he expects payments to be made in 2013 from the credit union fund established to facilitate the restructuring of the sector; if he expects additional funds will be required over and above those already allocated; his plans for the future of the fund; and if he will make a statement on the matter. [41453/13]
Amharc ar fhreagraThe Credit Union Fund was established by ministerial order under the Credit Union and Co-operation with Overseas Regulators Act 2012. Under section 57 of the Act, I contributed €250 million to the Fund in December 2012. This funding is designed to support the restructuring of the credit union sector by the Credit Union Restructuring Board (ReBo) as set out in the 2012 Act and in line with the recommendations of the Report of the Commission on Credit Unions which was agreed with all credit union stakeholders. No further Exchequer contributions to the Fund are planned. ReBo is working to the timetable set out in the Report of the Commission on Credit Unions with a view to completing its work by the end of 2015 with any necessary disbursement of funding taking place before then. I have also been informed that to date ReBo has received over one hundred expressions of interests from credit unions and that it is engaging with these credit unions with a view to developing restructuring proposals where appropriate. I am not in a position at this stage to say whether that engagement will lead to any disbursements from the fund this year.
