Dan Boyle (Cork South Central, Green Party)
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Question 261: To ask the Minister for Finance if he has submitted both the credit union registrar's proposals for the new investment framework and the Irish League of Credit Union's proposals for regulatory and legal changes to the Credit Union Advisory Committee; and if they have reviewed the operating restrictions. [27773/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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In April of this year I submitted the Credit Union Registrar's proposals for a new investment framework to the Credit Union Advisory Committee (CUAC) requesting them to provide advice on an appropriate investment framework for credit unions. I understand that the Committee has completed its review of this issue and has recently submitted its advice which is now being assessed by my Department.

The Advisory Committee were also asked for advice on the Irish League of Credit Union's proposals for regulatory and legal changes and have recommended certain amendments to the regulatory framework for credit unions under the Credit Union Act, 1997 which can be implemented by Statutory Instrument. The recommendations include increases in the limits that can be held on deposit, increases in the limits for the amount that can be nominated and increases in the limits for small payments on death. My Department in tandem with the Office of the Parliamentary Counsel is drafting the necessary Statutory Instruments to bring these changes into effect as soon as possible.