Dáil Éireann Debate, Wednesday - 29 June 2022
31. Deputy Catherine Murphy asked the Minister for Finance the number of persons assigned to the regulatory section within the Central Bank who are dedicated to the building society market; if he will provide details of same in respect of credit unions. [34830/22]
Amharc ar fhreagraCredit unions in Ireland are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by the Central Bank of Ireland (the Central Bank), which set out the framework for the registration, regulation and operation of credit unions including detailed governance requirements and prudential requirements on items such as reserves, liquidity, investments, member savings and lending.
Under the 1997 Act, the Central Bank is responsible for administering the system of regulation and supervision of credit unions with a view to:
(a) The protection by each credit union of the funds of its members; and
(b) The maintenance of the financial stability and well-being of credit unions generally.
The Registrar of Credit Unions, as the head of the Registry of Credit Unions regulatory division within the Central Bank, is responsible, as the delegate of the Central Bank, for managing the performance and exercise of the functions and powers of the Central Bank under the 1997 Act and has the power to do whatever is necessary for or in connection with, or reasonably incidental to, carrying out his or her responsibilities.
There are 42 persons (41 Full-Time Equivalent) assigned to the Registry of Credit Unions within the Central Bank.
There are no building societies in Ireland and as such no Central Bank staff assigned to regulate them.
