Andrew Doyle (Wicklow, Fine Gael)
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192. To ask the Minister for Finance the role of the Credit Union Restructuring Board; its activities since it was established; his views on whether having the board independently separate from the Central Bank of Ireland is the best use of this body; and if he will make a statement on the matter. [37550/13]

Michael Noonan (Limerick City, Fine Gael)
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The Credit Union Restructuring Board (ReBo) is a body corporate established by statute on 1 January 2013 in accordance with the Credit Union and Co-operation with Overseas Regulators Act 2012. The establishment of a restructuring board was a core recommendation of the Report of the Commission on Credit Unions which was agreed with all credit union stakeholders. The role of ReBo is to facilitate and oversee the restructuring of credit unions in accordance with the 2012 Act. The restructuring functions of ReBo are set out in Section 44 of that Act and include:

a) analysing and examining information provided to it by the Bank, credit unions or by any other person,

b) developing provisional proposals and plans with credit unions for the restructuring of the credit union sector,

c) engaging with credit unions to facilitate agreement on restructuring proposals,

d) assisting credit unions in the preparation of restructuring plans,

e) considering and assessing restructuring plans submitted to it by or on behalf of credit unions including any funding requirements under the plan including requiring credit unions to engage third parties to verify information and provide a report to ReBo,

f) approving, approving with conditions or rejecting those restructuring plans,

g) recommending the restructuring plans to the Minister and advising the Bank of its recommendations,

h) overseeing the implementation of restructuring plans, including the provision of post-restructuring support.

Since the establishment of ReBo on a statutory basis, significant progress has been made in putting the ReBo organisation in place, including the approval of its governance structures and policies and procedures by the Board of ReBo and the development of systems and processes to assist credit unions with restructuring proposals. ReBo has also recruited a Chief Executive Officer and a number of staff.

In order to carry out its functions under the Credit Union and Co-operation with Overseas Regulators Act 2012, ReBo continues to interact with credit unions and sector stakeholders through speaking at sector events and meetings. It has also launched a website www.rebo.ie. In addition, expressions of interest forms were sent to every credit union and I have been informed that the response to date has been very positive and follow up from ReBo is underway.

I have also been informed that ReBo has received a number of requests from credit unions for assistance. ReBo is engaging with these credit unions and restructuring plans are being analysed and developed.

It is important to maintain the independence of the Credit Union Restructuring Board from the Central Bank as the two bodies have significantly different roles as set out in legislation and as recommended in the Report of the Commission on Credit Unions.

However, the Credit Union and Co-operation with Overseas Regulators Act 2012 sets out that ReBo shall co-operate with the Central Bank in a way that contributes to promoting the best interests of credit unions generally.