Oireachtas Joint and Select Committees

Thursday, 23 March 2017

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Overview of the Credit Union Sector: Discussion

9:30 am

Mr. Des Carville:

The stabilisation fund holds €6.4 million. It is sector funded and there have not been any drawdowns. It is up for review in 2017 so we will do that this year. The credit institutions resolution fund, CIRF, is managed by the Central Bank and holds €250 million. It was established in 2011 and levies from the credit union sector amounted to €29 million. It has paid out approximately €30 million in respect of three resolutions, Newbridge credit union, Howth-Sutton credit union and Killorglin credit union. In addition, there is a ReBo fund of €250 million from which we have drawn down approximately €20 million to support ReBo's work.

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