Dáil Éireann Debate, Tuesday - 22 November 2016
172. Deputy Pearse Doherty asked the Minister for Finance the number and identity of credit unions approved for debit card services and member personal current account service; the dates on which they were approved; and if he will make a statement on the matter. [35855/16]
Amharc ar fhreagraMy role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions.
The Registrar of Credit Unions at the Central Bank of Ireland is the independent regulator for credit unions. Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members.
Six credit unions were recently approved by the Central Bank for the Member Personal Current Account Service (MPCAS), which provides for credit unions to offer debit cards, overdrafts and a full range of payment services within an appropriate risk framework.
However, I have been informed by the Central Bank that it is not possible to publically identify the credit unions approved for the service for confidentiality reasons and due to the bilateral nature of the application. The Central Bank has further informed me that similarly they do not identify any entity that has applied for either a regulatory authorisation or for an additional service. The Central Bank understands that the approved credit unions intend arranging their own communications in this regard.
The Government recognises the important role of credit unions as a volunteer co-operative movement in this country. The Government's priorities remain the protection of members' savings, the financial stability of credit unions and the sector overall and it is determined to continue to support a strengthened and growing credit union movement.
