Dáil Éireann Debate, Thursday - 22 June 2023
151. Deputy Damien English asked the Minister for Finance to provide an update on the progress of the Credit Union (Amendment) Bill 2022; to outline the engagement at ministerial and official level with the credit union representative bodies this year on the Bill; the way in which the Bill will assist the modernisation of credit unions and help to future-proof financial services for their members; and if he will make a statement on the matter. [29816/23]
Amharc ar fhreagraI thank the Deputy for his question. Minister of State Jennifer Carroll MacNeill has met with the four main representative bodies and has had extensive engagement with several credit union CEOs and directors around the country.
So far in 2023 alone, Minister Carroll McNeill has attended 20 meetings and events with various credit union stakeholders including the representative bodies, the Credit Union Advisory Committee and individual credit unions. Separately, Department officials from the Credit Union Policy team have very regular engagement with sector stakeholders, including chairing a quarterly stakeholder roundtable. They also act as secretariat to the Credit Union Advisory Committee, which meets on a monthly basis.
In relation to the Credit Union (Amendment) Bill, I am aware that the prompt enactment of this Credit Union (Amendment) Bill is widely sought by credit unions and both Minister Carroll MacNeill and I are working hard to progress this legislation as quickly as possible.
As the Deputy will be aware, the Bill was published in November 2022. In December 2022 the Bill completed the legislative process in the Seanad and in March 2023 it was introduced in the Dáil.
Since this time, both Minister Carroll MacNeill and the Department of Finance have engaged extensively with key stakeholders, including the credit union representative bodies and the Central Bank. As a result of this engagement, a number of amendments have been identified and will be brought forward at Committee Stage.
Department officials have been in contact with the Office of the Parliamentary Council (OPC) and the Clerk of the Finance, Public Expenditure and Reform, and Taoiseach (FPERT) Committee to explore a possible date for Committee stage. However, the timing of Committee Stage and the subsequent completion of the legislative process is, to a large extent, outside the control of the Department of Finance.
This Government’s aim is to introduce enabling legislation, and provisions in the Bill, such as allowing for member referral and the establishment of corporate credit unions, will help future-proof and strengthen the sector for the years ahead.
The introduction of corporate credit unions and member referral, should support greater collaboration between credit unions, facilitating a sharing of resources and greater access to funding. While member referral is not mandatory, it is a new option for making additional services available to members.
