Oireachtas Joint and Select Committees

Thursday, 11 December 2014

Public Accounts Committee

Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013

11:30 am

Mr. Joe O'Toole:

Could I also make it absolutely clear to the Deputy, something of which he is clearly not aware? The money has to be paid back. The money has to be approved at European level. That was one of the things that happened last week. If we were to talk to Ballymoate credit union and say we were going to put it into a group with another one and make a certain amount of money available, there would have to be a coupon charge to that, which is acceptable to Europe. It would have to appear on the accounts at the end of the year as a liability.