Tommy Broughan (Dublin North East, Labour)
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Question 116: To ask the Minister for Finance if he will report on the credit union commission; the size of the commission and the way its membership will be decided; the way the Irish League of Credit Unions, the Credit Union Development Association and credit union management and staff will be represented on this body; when it will commence its work; and if he will make a statement on the matter. [13593/11]

Michael Noonan (Limerick City, Fine Gael)
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The Programme for National Government 2011-2016 sets out the Government's position with regard to the credit union sector. The Government recognises the importance of credit unions as a volunteer cooperative movement and the distinction between them and other financial institutions. In the Programme for Government, it was agreed that a Commission on Credit Unions would be set up to review the future of the movement and make recommendations in relation to the most effective regulatory structure for it. This will take into account their not-for-profit mandate, their volunteer ethos and community focus, while paying due regard to the need to fully protect depositors' savings and financial stability.

The Deputy will also be aware that, under the EU/IMF Programme of Support for Ireland, we have certain commitments in relation to the credit union sector. One of these commitments is to have the Commission on Credit Unions established by end-May 2011. The Terms of Reference for the Commission was discussed at Cabinet today and the Government will make an announcement regarding its establishment in due course. This announcement will include details of the Commission's membership. I intend that the Commission will have its inaugural meeting in mid-June and begin its work immediately.