Paul McGrath (Westmeath, Fine Gael)
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Question 322: To ask the Minister for Finance if he approved of the IFSRA regulator of credit unions' attempts at micro-managing credit unions by virtue of the guidance note issued to such credit unions; if this is part of the regulator's independent regulatory role; and if the IFSRA issued similar guidelines to banks and building societies. [22838/05]

Paul McGrath (Westmeath, Fine Gael)
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Question 323: To ask the Minister for Finance his views on whether the financial regulator for credit unions has the expertise and experience to issue guidance notes for the micro-management of credit unions, thereby bypassing the expertise and knowledge of the volunteers and professionals who have successfully managed this body for decades; and if he will make a statement on the matter. [22839/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 322 and 323 together.

The day-to-day supervision of credit unions is a matter for the registrar of credit unions within the financial regulator. I have no function in relation to the manner in which the registrar carries out his supervisory duties under the Credit Union Act, including any guidance notes that he chooses to issue. I am aware that the regulator issues guidance covering various categories of financial institutions. The purpose of these guidance notes is to provide advice and information regarding best practice to financial institutions. They are intended to support the continued development of an effective and efficient regulatory system that underpins the maintenance of financial stability and the protection of the consumer.