Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The resolution fund currently holds €268 million. As the Minister is aware, this is €18 million in excess of the amount he contributed in 2017. The fund is currently costing credit unions €7.5 million per annum. The Minister is stating that, taking into account the changes that are likely with the resolution fund levy, the net position for 2020 will amount to a reduction in the overall burden of levies that credit unions are carrying. Will the Minister clarify that this is what he is saying? He reiterated the point on the consultation phase for the review of the resolution fund levy. Submissions can be made up to a date in August. Is that the direction of the Minister's thinking? It is questionable whether credit unions should be required to pay into the fund at all given the level of funding already built up. The rescues that had to be carried out across the sector were essentially funded by the movement to date.