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

The role of the Minister for Finance in respect of the credit unions is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of the credit unions. The Government has a clear policy to support the strategic growth and development of credit unions in Ireland as set out in the commission on credit union's report and recommendations. The safety of member's savings and the security of the credit union sector as a whole are priorities for the Government, but of course the registrar of credit unions is a role for the Central Bank. They are regulated and supervised by the registrar of credit unions at the Central Bank. The current registrar, Ms Anne Marie McKiernan, under the Credit Union Act 1997 carries out the function of the registrar of the credit unions that are regulated. The primary aim of the regulator is to ensure that funds deposited are safe.

There has been a series of difficulties with credit unions across the country.

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However, there is a commitment to implement the recommendations of the commission and that work is under way now. Credit union representatives of all perspectives are included in the implementation group.

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