Seán Fleming (Laois-Offaly, Fianna Fail)
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Question 98: To ask the Minister for Finance his plans to review the percentage of loans that credit unions can issue by way of long-term loans in view of the difficulties this restriction is causing to many borrowers who need to reschedule their loans over a longer period of time; and if he will make a statement on the matter. [47235/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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At my request, my Officials have been working with the Registrar of Credit Unions, the Irish League of Credit Unions and the Credit Union Development Association to find a solution to this complex issue. The Review Group on Longer-Term Lending Limits under Section 35 of the Credit Union Act 1997 met yesterday 15th December 2009 and has reported substantial progress on a proposal to review the legislation to meet the current need. This current proposal focuses on the issues of rescheduling of existing loans while ensuring proper systems, controls and reporting arrangements are in place. I anticipate being in a position to examine this final proposal in early January 2010. However, it is essential that each credit union must fully and properly recognise arrears situations where they exist so that a credit union is never in doubt as to its own position.