Michael Colreavy (Sligo-North Leitrim, Sinn Fein)
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Question 38: To ask the Minister for Finance when the forthcoming legislation on the regulation of credit unions will be published; and if he will detail in general terms the contents of the Bill at this stage. [19314/12]

Michael Noonan (Limerick City, Fine Gael)
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The Credit Union Bill is due to be published by the end of June 2012. The Commission on Credit Unions submitted its Final Report to me on 31 March 2012. The Report, which was published this morning, includes recommendations in relation to prudential requirements, governance, stabilisation, restructuring and amendments to the Credit Union Act 1997. I will now examine the Report in detail and will be informed by its recommendations in the preparation of the credit union legislation.

Among other things, the Commission has recommended that the new credit union legislative framework should provide the Central Bank with the power to make regulations that set prudential controls, limits, standards and requirements. The Commission has further recommended that, when making these regulations, the Central Bank should undertake a regulatory impact analysis which should involve full and meaningful consultation with credit union representative bodies as well as individual credit unions.