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

12:10 pm

Mr. Bobby McVeigh:

That is a very good question. Our board has discussed this on the occasion of at least the last two board meetings. We want to err on the side of caution in doing this assessment, knowing exactly what we have in the pipeline for restructuring now, and looking at the possibility of a rapid increase in some activity in the next few months, particularly in the first and second quarters. That is why we are reluctant to say it will be x number of euro, for example, €20 million or €30 million. We will have that completed, however, probably by the board meeting in January. We will inform them, as we have already done, that we are assessing it. In turn, we will have consultations with them.