Joe Costello (Dublin Central, Labour)
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Question 104: To ask the Minister for Finance if new legislation on the regulation of credit unions is being prepared; if so, the persons preparing same; when it is likely to be drafted; the main issues being addressed; and if he will make a statement on the matter. [25728/11]

Michael Noonan (Limerick City, Fine Gael)
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Under the EU/IMF Programme, legislation is to be published by end-2011 to strengthen the regulatory framework for credit unions. The Government has established the Commission on Credit Unions to review the future of the credit union sector. In line with the Programme for Government, the Commission will review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for credit unions. This will take into account their 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.

The Commission on Credit Unions is due to submit its interim report to me by the end of this week. This report will inform the preparation of the bill to be published by the end of this year. As is normal for financial legislation, the Bill will be prepared by the Department of Finance in conjunction with the Office of the Attorney General and the Office of the Parliamentary Counsel and will take into account the advice of the Central Bank and the Registrar of Credit Unions.