Michael McGrath (Cork South Central, Fianna Fail)
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Question 113: To ask the Minister for Finance if he will provide details of his plans, referred to in the EU / IMF deal, to consolidate the number of credit unions; and if he will make a statement on the matter. [15101/11]

Michael Noonan (Limerick City, Fine Gael)
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The Deputy will be aware that under the EU-IMF Programme of Support for Ireland, the Government has certain commitments in relation to the credit union sector. Stress tests on credit unions have been completed by the Central Bank of Ireland and in light of these I have prepared a plan to underpin the solvency and viability of undercapitalised credit unions. This Strategy will be released when I have discussed it in detail at Government.

In addition, the Commission on Credit Unions is being established to review the future of the credit union movement and make recommendations in relation to the most effective regulator structure for credit unions. I expect to be in a position to announce the terms of reference of the Commission shortly.