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

Ms Anne Marie McKiernan:

The five resolution actions undertaken on the Central Bank and Credit Institutions (Resolutions) Act have cost €4.3 million in terms of two directed transfers. The work out of the cost of the liquidations have yet to be finalised, but that comes out of the estate of liquidation. I think I pointed this out earlier, but we have also undertaken a number of non-court based involuntary restructurings or quasi-resolutions using the sector's private fund - the SPS fund. That has saved the taxpayer €25.5 million.

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