Written answers

Thursday, 20 December 2012

Department of Finance

Credit Unions Regulation

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if lending restrictions have been applied to a credit union (details supplied) by the Central Bank of Ireland [57593/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The imposition of lending restrictions is the responsibility of the Registrar of Credit Unions, who is the independent regulator for credit unions. Within his independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members. As Minister for Finance, my role is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions. The Central Bank cannot comment on matters in relation to individual credit unions. Any regulatory action by the Central Bank is taken with the specific purpose of protecting members’ savings.


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