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

I share the Deputy's admiration for the credit union movement and for the excellent people, both at professional and volunteer level, who manage credit unions so effectively all over the country. The Central Bank is committed to assisting the credit unions in developing their business model. It has informed me, as Minister for Finance, that it is open to working with the credit union sector to ensure that prudent and appropriate development can be facilitated within the regulatory framework. In its role in supporting the sector the Central Bank wants to ensure that any proposed changes in the business model are appropriately structured and implemented. The Registrar of Credit Unions in the Central Bank recognises the strategic challenges facing the sector, including the need to revitalise the business model and to find ways of doing business that better serve members and deliver on their expectations. The registrar is committed to engaging with credit unions and, as part of that process, the Central Bank established sector stakeholder dialogues in November 2015 to facilitate engagement with credit unions. This is with a view to gaining a better understanding of how credit unions want to develop their business model and to identify any changes that may be required to the regulatory framework to facilitate prudent development.

There is a commitment to develop a business model and it involves the Central Bank connecting directly with certain credit unions. If I can facilitate that in any way, I will do so.

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