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

Photo of Seán SherlockSeán Sherlock (Cork East, Labour) | Oireachtas source

I appreciate that. The delegates have indicated that standards of regulatory compliance are still well below those required to credibly safeguard members' funds and position credit unions to tackle business model development. They are still seeing an unacceptable number of credit unions failing to display a strategic understanding and good governance. In several cases we have encountered limited financial skill sets and weak management. There are 281 credit unions within the Central Bank's remit, but how many are still weak in terms of having limited financial skills and weak management. I would like a specific number.

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