Dáil Éireann Debate, Tuesday - 9 June 2015
328. Deputy Michael McGrath asked the Minister for Finance in respect of the Credit Union Restructuring Board, the schedule for conclusion of the board’s work; if there has been any request or discussion between him, his Department, the board or the Central Bank of Ireland regarding extending the planned time frame of the board’s work and remit; and if he will make a statement on the matter. [21950/15]
Amharc ar fhreagraThe Credit Union Restructuring Board - ReBo, was established on a statutory basis on 1 January 2013. The objectives of the restructuring process are to underpin the stability and long-term viability of credit unions and the sector at large and to provide an opportunity for stronger credit unions to develop a more sustainable business model. ReBo is continuing to work to the timetable set out in the Commission on Credit Unions Report and is expected to accept restructuring proposals up to the end of December 2015.
Section 43 of the Credit Union and Co-operation with Overseas Regulators Act 2012 provides that a review of the work of ReBo will be carried out no later than 1 January 2016. This review will inform me as to whether or not ReBo has completed the performance of its functions. When I am satisfied that ReBo's work is done, I will by order dissolve ReBo. Section 43(2)(b) further provides that following this review, where it is shown that ReBo has not completed the performance of its functions, a further review must be carried out within 12 months of the first review.
I am expecting to receive the review on the work of ReBo from its establishment to that date, before the end of the year. This review will inform my decision on the future of ReBo.
