Maureen O'Sullivan (Dublin Central, Independent)
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Question 157: To ask the Minister for Finance his views on whether, since its inception in the late 1950s, the credit union movement has, helped by a number of State subsidies, contributed enormously to the well-being of society; if he will consider that there is scope for the movement to address the broad community interest, as per ILCU operating principle No. 5 of 1984, when developing a strategy locally and when engaging with the commission on credit unions; and if he will make a statement on the matter. [15581/11]

Michael Noonan (Limerick City, Fine Gael)
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The Government's position with regard to the credit union sector is set out in the Programme for National Government 2011-2016 which recognises the importance of credit unions as a volunteer cooperative movement and distinguishes between them and other financial institutions. The Government has established a Commission on Credit Unions to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. In carrying out its work, the Commission will take into account credit unions' 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.

Maureen O'Sullivan (Dublin Central, Independent)
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Question 158: To ask the Minister for Finance his views on whether credit union reserves, which may include an element of dormant accounts in some instances, represent a degree of revenue forgone at national level; and if the extent to which this might be the case will be assessed by the commission on credit unions. [15582/11]

Michael Noonan (Limerick City, Fine Gael)
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Credit unions maintain reserves to protect against the risk of unforeseen losses, ensure continuity and protect members' savings. All credit unions are required to maintain a minimum Total Regulatory Reserve of 10% of total assets. Credit union reserves are generated from the retained earnings of credit unions and do not include dormant accounts. Credit unions are currently not subject to the dormant accounts legislation. Accordingly, accounts in credit unions that have not been reclaimed by the owners for at least 15 years are not transferred to the Dormant Accounts Fund.

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 regulatory structure for credit unions. I expect to be in a position to announce the terms of reference of the Commission shortly.

Maureen O'Sullivan (Dublin Central, Independent)
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Question 159: To ask the Minister for Finance if the area of tax expenditure in support of the credit union movement will be explored, quantified and assessed in the course of the work of the commission on credit unions. [15583/11]

Michael Noonan (Limerick City, Fine Gael)
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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 regulatory structure for credit unions. I expect to be in a position to announce the terms of reference of the Commission shortly.