Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I do not agree that the Central Bank is blocking the credit unions or preventing them from providing additional services. There is a procedure laid down in law for the credit unions to apply to offer such services. Already, the Central Bank has given approval to six applicant credit unions for the provision of debit cards, overdrafts and a full range of payment services.

The Central Bank will publish details of the approval process, along with details of the application requirements and related guidance, over the coming weeks. The Bank expects to hear from eligible credit unions wishing to apply for this additional service over the coming months.  Initially, credit unions that have close to or in excess of €75 million in total assets are eligible to apply.  There are about 65 credit unions in this cohort which collectively have €8 billion in assets. Depending on their success in collaborating to implement a viable business, it is possible to envisage smaller credit unions being able to offer the service in time. This approval provides for debit card provision among other key features. 

Six credit unions have been approved already and a further 65 credit unions have an asset base which the Central Bank believes would make them eligible. Those credit unions will be encouraged to apply in the next few months. The smaller credit unions will be considered on their merits.

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