Michael McGrath (Cork South Central, Fianna Fail)
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Question 89: To ask the Minister for Finance if he intends to publish the results of the Central Bank's stress tests of the credit union sector. [18140/11]

Michael Noonan (Limerick City, Fine Gael)
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Under the EU/IMF Programme of Support for Ireland, stress tests on credit unions have been completed by the Central Bank of Ireland. Credit unions were subjected to a detailed stress testing exercise to make an assessment of the likely impact of given stress scenarios on the capital buffers of credit unions. The purpose of this work is to provide the Central Bank of Ireland with the necessary regulatory information to concentrate its supervisory focus and, where necessary, to take pre-emptive remedial action to maintain member confidence and protect the financial stability of the credit union sector. These stress test results also inform Government policy in relation to the credit union sector and, in this regard, I have prepared a strategy to underpin the solvency and viability of any undercapitalised credit unions.

I have no plans at present to publish the results of these stress tests. The Commission on Credit Unions will, however, review the future of the credit union movement and make recommendations to Government in respect of a strengthened regulatory framework for the sector. In consultation with the Central Bank of Ireland, I will consider what material may be published when the Commission has completed its work.