Dáil Éireann Debate, Thursday - 22 September 2022
144. Deputy Holly Cairns asked the Minister for Finance the steps he is taking to fulfil the commitment in the Programme for Government for credit unions to become a key provider of community banking. [46042/22]
Amharc ar fhreagra153. Deputy Pádraig O'Sullivan asked the Minister for Finance when he will bring forward his proposals on reforming the credit union policy framework; and if he will make a statement on the matter. [46193/22]
Amharc ar fhreagra154. Deputy Joe Flaherty asked the Minister for Finance the action that he is taking to support credit unions; and if he will make a statement on the matter. [46326/22]
Amharc ar fhreagraI propose to take Questions Nos. 144, 153 and 154 together.
This Government recognises the importance of credit unions. The Programme for Government contains commitments to:
- Review the policy framework within which credit unions operate;
- Enable and support the credit union movement to grow;
- Support credit unions in the expansion of services, to encourage community development; and
- Enable the credit union movement to grow as a key provider of community banking in the country.
With regard to fulfilling the commitments in the Programme for Government for credit unions, the Review of the Policy Framework has been completed. In July the Government approved the drafting of legislation to implement the proposals. This legislation has received priority status for publication in the Dáil’s autumn session.
The policy proposals contained in the Review address five key objectives:
1. Recognition of the role of credit unions;
2. Supporting investment in collaboration;
3. Supporting Governance;
4. Improving member services; and
5. Transparency of regulatory engagement.
Cumulatively, the desired outcome of these objectives is to strengthen the role of credit unions as a provider of community banking and to further enable credit unions to focus on priorities that will better position the sector to face the challenges and opportunities of the future.
In developing these proposals Minister Fleming has met the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers Association, the National Supervisors Forum, the Registrar of Credit Unions, the Credit Union Advisory Committee, the CEO Forum, collaborative ventures and many individual credit unions.
In total as part of the Review process Minister Fleming has held over 55 stakeholder meetings with the credit union sector and considered well over 100 proposals.
