Written answers
Tuesday, 3 March 2009
Department of Finance
Banking Sector Regulation
10:00 pm
Pat Breen (Clare, Fine Gael)
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Question 111: To ask the Minister for Finance his views on the situation regarding new director's loan requirements which are being proposed by the Financial Regulator; if these proposals will apply to credit unions; the situation for directors of credit unions who are volunteers; if they will have to provide details of loans outstanding from credit unions; and if he will make a statement on the matter. [8334/09]
Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I strongly welcome the Financial Regulator's new disclosure requirements for loans to directors of credit institutions in Ireland.
As the Deputy may be aware, the Financial Regulator has written to all banks incorporated in Ireland and building societies established in Ireland informing them of the following disclosure requirements regarding directors' loans and loans to connected persons of a director, to be made in their audited annual financial statements:
the amount owed by the person to whom the loan or agreement was made in respect of principal and interest at the beginning and end of the period covered by the financial statements
the maximum amount of the liability during the period
the amount of any unpaid interest, and
the amount of any provision that has been made in respect of any failure, or anticipated failure, to repay all or part of the loan.
These institutions will also be required to maintain a register of all such loans at their registered offices for review by shareholders.
My Department has been advised by the Financial Regulator that these requirements will not apply to directors of credit unions.
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