Dáil Éireann Debate, Thursday - 15 January 2015
68. Deputy Michael McGrath asked the Minister for Finance the number of applications for credit union restructuring that are before the restructuring board; and if he will make a statement on the matter. [2025/15]
Amharc ar fhreagraThe Credit Union Restructuring Board (ReBo) has given approval to 12 restructuring proposals, involving 30 credit unions. Of these, 8 credit union mergers involving 20 credit unions have been completed to date. The remaining 4 proposals involving 10 credit unions are awaiting Central Bank approval and are due to complete shortly.
In line with the Commission on Credit Unions recommendation, restructuring is being carried out on a voluntary, incentivised and timebound basis. While ReBo has approved all current restructuring proposals, it is now actively engaging with a further 118 credit unions in the development of appropriate restructuring solutions. ReBo expects that many of these 118 credit unions will be involved in restructuring solutions in due course.
