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

The Credit Union Advisory Committee, CUAC, in its review of implementation of the recommendations in the commission on credit unions report, recommended that an implementation group be established for a specified period of time to oversee and monitor implementation of those recommendations in a methodical manner and to advise the Minister for Finance on progress. 

Publication of the report in July 2016 was just the beginning of the process. From September 2016 onwards CUAC continued working to enable a coherent implementation plan be devised and the Department worked closely with CUAC on this.

In line with CUAC's recommendations, the Department invited one nominee from each of the stakeholder groups. The implementation group consists of a representative from each of the following: the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers' Association, the National Supervisors Forum and the Central Bank. The implementation group also has a CUAC representative and is chaired by the Department. This broad membership will ensure participation and contribution from all credit union perspectives.

The implementation group held its inaugural meeting on Monday 20th February 2017, which was also attended by all CUAC members, and met again on the 22 March 2017.  It is intended that each CUAC recommendation will be addressed separately with a view to implementation at the appropriate time.  Meetings will continue on a monthly basis with the next meeting scheduled for late April 2017. The term of the implementation group is for one year, which may be extended at the discretion of the Minister. I look forward to receiving regular progress reports on the implementation of these very important recommendations.

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