Robert Troy
Ceist:82. Deputy Robert Troy asked the Minister for Finance the way he is supporting credit unions to grow and develop; and if he will make a statement on the matter. [2858/23]
Amharc ar fhreagraTuesday, 24 January 2023
Ceisteanna (82, 90)
Ciarán Cannon
Ceist:90. Deputy Ciarán Cannon asked the Minister for Finance what steps are being taken to ensure credit unions play a key role in the banking sector. [3103/23]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 82 and 90 together.
This Government recognises the importance of credit unions as a provider of community banking services. 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 November 2022 the Credit Union (Amendment) Bill was published and it completed Committee Stage in the Seanad in December 2022. A number of amendments to the Bill have been proposed by stakeholders, including the Central Bank and the representative bodies, and potential inclusion of these amendments is currently being considered before progression of the legislation through the Dáil.
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 meetings were held with 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, over 55 stakeholder meetings were held with the credit union sector and well over 100 proposals were considered.
Question No. 83 answered with Question No. 69.