Mary Lou McDonald (Dublin Central, Sinn Fein)
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Question 53: To ask the Minister for Finance if he will provide an update on the forthcoming legislation dealing with the regulation of credit unions; when this legislation will be published and brought before the Dáil Éireann; and if he will make a statement on the matter. [34434/11]

Michael Noonan (Limerick City, Fine Gael)
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In accordance with our commitment under the EU/IMF programme, legislation is being prepared for publication by the end of June 2012 to strengthen the regulatory framework for credit unions, including making legislative provision for effective governance standards and prudential requirements for credit unions. This represents an extension of the earlier EU/IMF deadline of end December 2011, which will allow the necessary time for consultation and to take account of any further recommendations arising from the Commission on Credit Unions. The new deadline has been agreed by the Troika.