Michael Healy-Rae (Kerry South, Independent)
Link to this: Individually | In context | Oireachtas source

To ask the Minister for Finance his views on correspondence (details supplied) regarding the Credit Union Bill 2012; and if he will make a statement on the matter. [44828/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I have received a letter from the Irish League of Credit Unions on similar terms to the one referred to by the Deputy. The Government recognises the important role of Credit Unions as a volunteer co-operative movement and the distinction between them and other types of financial institutions. The Commission on Credit Unions was established to review the future of the credit union movement and make recommendations in relation to the most effective regulatory structure for Credit Unions, taking 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 published its Report in April 2012. The Report of the Commission was agreed by all members including the Irish League of Credit Unions. If we are to build confidence in credit unions, it is important that all those who wrote and agreed the Commission report continue to stand behind it. The Credit Union Bill 2012 reflects the recommendations made by the Commission on Credit Unions and provides legislative basis for over 60 of those recommendations. The Government has already shown its commitment to the sector. A figure of €500 million has been put aside for the restructuring and stabilisation of credit unions at a time when the Government faces difficult budgetary choices and competing needs for scarce resources. There is an onus on the credit union movement to embrace the necessary changes to ensure this commitment on behalf of the taxpayer delivers a viable sector into the future. The Government’s commitment to implementing the Commission Report is backed by solid early delivery of major elements of it - the publication of the Credit Union Bill 2012, the commencement of fitness and probity and contributions under the Deposit Guarantee Scheme and the appointment of the Credit Union Restructuring Board and early commencement of its work.