Dáil Éireann Debate, Thursday - 29 September 2016
76. Deputy Michael McGrath asked the Minister for Finance if the registrar has received proposals from credit unions for business model changes since the new regulation making powers came into effect; and the number of amendments to the regulations made to facilitate these. [27880/16]
Amharc ar fhreagraThe provision of regulation making powers to the Central Bank provides flexibility to allow the Central Bank in the future to review and update regulations as appropriate, on a timely basis following consultation. I have been informed by the Central Bank that they are keen to ensure that regulations remain appropriate for the credit union sector and in the future, where credit unions set out a clear path on how they wish to develop, consideration will be given to any amendments to regulations that may be appropriate. The Central Bank informs me that to date no amendments to the regulations have been made.
The Registry of Credit Unions at the Central Bank recognises the strategic challenges facing the sector, the need to revitalise business models and to find ways of doing business to better serve members while delivering on their expectations. The Registry is committed to engaging with credit unions on their business model development proposals and is currently engaging with both credit unions and their Representative Bodies in relation to business model development. As part of their engagement process, in November 2015 the Central Bank established Sector Stakeholder Dialogues to facilitate engagement with credit unions. This was done with a view to gaining a better understanding of how credit unions want to develop their business model and to identify any changes that may be required to the regulatory framework to facilitate prudent development. Since the establishment of the Sector Stakeholder Dialogues six meetings have taken place.
While no concrete business model development proposals have yet been received, the Central Bank further informed me that to date the main focus of discussions has been on the following areas: longer term lending; additional services framework; and publication of sectoral data.
