Dáil Éireann Debate, Tuesday - 7 July 2015
149. Deputy Seamus Healy asked the Minister for Finance if he will use some of the credit union fund of €250 million already established to develop the credit union movement for the wider social benefit of society, and in particular to support credit unions to develop electronic financial services, including current accounts; and if he will make a statement on the matter. [27680/15]
Amharc ar fhreagraThe Credit Union and Co-operation with Overseas Regulators Act 2012 provides the statutory basis for the restructuring of credit unions and placed the Credit Union Restructuring Board - ReBo - on a statutory footing from 1 January 2013. ReBo is currently in the process of overseeing and facilitating restructuring on a voluntary, incentivised and time-bound basis, as recommended by the Commission on Credit Unions. The Government has made available €250 million to the Credit Union Fund specifically for restructuring purposes.
Section 43 of the 2012 Act provides that the Minister for Finance will conduct a review of ReBo s work by January 2016 at the latest. The Review will ascertain if ReBo has completed the performance of its functions and also the cost of restructuring, including the estimated cost of future mergers during the life of ReBo.
The terms of the State aid Restructuring package agreed between the Department of Finance and DG Competition enable me as Minister for Finance, under section 57(5) of the 2012 Act, to provide restructuring support from the Credit Union Fund on such terms and conditions as I consider appropriate.
The terms of the Restructuring Scheme are specific to restructuring credit unions. In other words, there is no provision within those terms to use any the €250 million for any purpose other than credit union restructuring.
However, my Department is always open to examining any proposals from the representative bodies or individual credit unions in relation to the development of a strengthened and revitalised credit union sector.
