Richard Bruton (Dublin North Central, Fine Gael)
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Question 175: To ask the Minister for Finance if he will make a provision in the heads of legislation of the new banking commission that a regulatory regime that is proportionate as appropriate is developed for the credit union movement which will not seek to impose requirements which would overlook the voluntary and community tradition of the movement. [9064/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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When in June 2009 I announced major reform of the institutional structures for regulation of financial services in Ireland, I indicated that no change is proposed in the current role and responsibilities of the Registrar of Credit Unions. The Government places immense value on the important role that Credit Unions play in Ireland. The continuing success and the growth of the movement in recent years stands as a testament to both the trust and loyalty felt by its members, and the dedication and commitment of all Credit Union staff - both professional and volunteer. The Government will continue its support for credit unions to enable them to continue serving their communities.

I have requested the Financial Regulator to carry out a strategic review of the credit union sector in Ireland. This will involve an examination of the structure, operation, regulation and legislation of the credit union sector. Its conclusions and recommendations will inform the development of policy in relation to credit unions, including an appropriate regulatory framework. This comprehensive review is to be an objective assessment carried out by independent experts in consultation with all of the stakeholders.