Michael McGrath (Cork South Central, Fianna Fail)
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Question 58: To ask the Minister for Finance his view on whether the four year timeline for the restructuring of the credit union sector as envisaged in the Report of Commission on Credit Unions report is too long; and if he will make a statement on the matter. [30049/12]

Michael Noonan (Limerick City, Fine Gael)
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The Commission on Credit Unions presented its report to me on 18 April 2012. The Report recommended that the credit union sector be restructured on a voluntary, time-bound and incentivised basis. The Report set out a timescale for the completion of the restructuring process by the end of 2015. Restructuring is to be facilitated by the Credit Union Restructuring Board (the ReBo). Expressions of interest have already been sought for appointment to the ReBo which is due to be established on an administrative basis. This timescale is necessary as it provides for the establishment of the ReBo, engagement with credit unions, formulation of restructuring proposals and approval or otherwise of such proposals as well as allowing time for the ReBo to provide support and advice to restructured entities.