Jerry Buttimer (Cork South Central, Fine Gael)
Link to this: Individually | In context

Question 22: To ask the Minister for Finance if his attention has been drawn to any direction by the Financial Regulator precluding credit unions from freezing interest on loans, which if such a facility was available, would be a significant benefit to borrowers in distress; and if he will make a statement on the matter. [25279/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

To date, my attention has not been drawn to any direction by the Financial Regulator to preclude credit unions from freezing interest on loans. The Registrar of Credit Unions at the Central Bank of Ireland, who is responsible for the regulation of credit unions, has informed me that he has made no such direction and that he has no role in this matter.

Credit unions are independent financial institutions and the question of what interest rates they apply and how they are applied is a matter for each individual credit union.