Luke Flanagan (Roscommon-South Leitrim, Independent)
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Question 55: To ask the Minister for Finance if he will give details of the strategy to underpin the solvency and viability of the credit union sector that was presented to the European Commission, the ECB and the IMF; the further discussions with the staff of the European Commission, the ECB and the IMF that will be necessary to clarify some aspects of the restructuring of credit unions; and if he will make a statement on the matter. [25442/11]

Michael Noonan (Limerick City, Fine Gael)
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The strategy to which the Deputy refers was prepared in line with Ireland's targets under the EU/ECB/IMF Programme of Support for Ireland and presented to the EU Authorities and the IMF on 30 May 2011. This strategy continues to be subject to further discussion with the Troika and as a result it has not been presented to Government and will, for the time being, remain a confidential document. The Government recognises the importance of credit unions as a volunteer cooperative movement and the distinction between them and other financial institutions. The Terms of Reference for the Commission on Credit Unions is 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 its not-for-profit mandate, its volunteer ethos and community focus, while paying due regard to the need to fully protect depositors' savings and financial stability. The Commission will be providing me, as Minister for Finance, with its final report by the end of March 2012.

Any restructuring process will take account of the interim report of the Commission on Credit Unions. The Commission is on target to present its Interim Report me by end-September 2011. It is anticipated that this will feed into the legislation to be submitted by end-December 2011.