Credit Unions

Dáil Éireann Debate, Thursday - 20 February 2014

Thursday, 20 February 2014

Ceisteanna (62)

Brendan Smith

Ceist:

62. Deputy Brendan Smith asked the Minister for Finance the position regarding a credit union (details supplied) which is not being allowed to hold an annual general meeting for the second year in a row as a result of the Central Bank of Ireland refusing to accept the credit union’s auditor’s value in use of the credit union’s building; if his attention has been drawn to the fact that the firm of auditors employed by the credit union was recommended to it by the Central Bank Of Ireland; if he will request the Central Bank of Ireland to bring finality to this issue as board members of this credit union wish to hold the AGM as soon as possible; and if he will make a statement on the matter. [8805/14]

Freagraí scríofa

Minister for Finance

The Registrar of Credit Unions at the Central Bank is responsible for the regulation of credit unions. With regard to the credit in question, I have been informed by the Central Bank that for reasons of confidentiality it cannot comment on individual credit unions. Credit unions are required to hold an Annual General Meeting (AGM), in accordance with Section 78(2) of the  1997 Act, within four months of the end of the financial year.  In relation to the holding of an AGM, the Central Bank works closely with credit unions on a case by case basis to resolve any regulatory issues arising prior to the holding of an AGM.  Where members are seeking information regarding the proposed timing of their AGM, they should request this information from their individual credit unions. Any actions taken by the Central Bank are taken in the interests of credit union members and the protection of their savings, in line with their statutory mandate.