Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

The credit unions, which I am very familiar with, are regulated by the Central Bank. That proposal can go to the Minister for Finance. There is a need for a full root and branch review of the existing legislative framework that has evolved in a piecemeal fashion over the last century. That is the Friendly Societies and Industrial and Provident Societies (Miscellaneous Provisions) Act 2014, which came into effect. The legislation needs to be tidied up since there are many different Acts. My Department held a public consultation on the proposed legislative reform between 1 November 2016 and 31 January 2017. Replies received on foot of that consultation are currently being considered. It is anticipated that the legislative review will result in the modernisation of areas including corporate governance, shares, membership and other regulatory matters. That is currently being examined and we will hopefully bring legislation forward at some stage in the future. I am happy to engage with the Deputy on that.

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