Trevor Sargent (Dublin North, Green Party)
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Question 158: To ask the Minister for Finance if there has been progress or an outcome to the regulatory inspection arising out of the in-depth investigation carried out (details supplied); if his attention has been drawn to the imminent resignation of a number of long-serving directors and officers of this credit union in the absence of the publication of a report on these matters and action on the basis of the report's findings; and if he will make a statement on the matter. [39084/06]

Brian Cowen (Laois-Offaly, Fianna Fail)
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Regulatory inspections are the responsibility of the Registrar of Credit Unions under the Credit Union Act, 1997.

My Department has been advised that arising out of governance difficulties in the credit union in question and the failure of the board to resolve these difficulties through an arbitration process initiated by the Registrar, authorised officers from an outside specialist firm were appointed under the relevant provisions of the Credit Union Act 1997. The report of the authorised officers was received by the Registrar in August and the matters contained therein are under continuing review by him.

Any decision relating to publication or to actions arising from this report is a matter for the Registrar of Credit Unions, who is statutorily independent in performing his regulatory functions. It would not, therefore, be appropriate for me, in my role as Minister for Finance, to comment on such matters.