Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I thank Deputy Doherty. I will read the briefing note.

As part of the public consultation process in relation to transposition of Directive 2014/49/EU on the deposit guarantee scheme a number of submissions were received from the credit union sector, including from credit union representative bodies favouring this position. Question 7 in the consultation document asks for justification for particular sectors being considered low risk and thus qualifying for a lower level of contribution. The Department is cognisant that the credit union sector considers credit unions a lower risk sector for a number of reasons thus suggesting that credit unions should qualify for a lower level of contribution. However, the matter is still being considered and a decision will be made in the context of the broader consideration of the calculation of contribution levels, in particular the risk based element. In this regard, it should be noted that the directive allows us up to 31 May 2016 to finalise this matter.

I would be prepared to take into account the views of colleagues on the committee.