Dara Calleary (Mayo, Fianna Fail)
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39. To ask the Minister for Finance the supports that will be available to credit unions who are being requested to employ managers and other support staff as a result of recently published legislation; his views on whether these requirements will place an added burden upon some struggling credit unions; and if he will make a statement on the matter. [52213/13]

Michael Noonan (Limerick City, Fine Gael)
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The Report of the Commission on Credit Unions recognised that the issue of governance of credit unions is at the core of strengthening the regulatory framework and set out detailed governance requirements for credit unions. The Credit Union and Co-Operation with Overseas Regulators Act 2012, sets out comprehensive governance requirements for credit unions which are designed to provide a framework to improve governance standards in credit unions, with a particular focus at board of directors and management level. The 2012 Act inserts a new section 63A into the Credit Union Act, 1997 requiring that the board of directors of a credit union shall appoint an individual to the role of manager of the credit union.

Credit unions are not required to employ a manager but must ensure that an the individual appointed to the role of manager is capable of performing the functions of the manager set out in section 63A(4) of the Credit Union Act, 1997.

The guidance on the fitness and probity regime for credit unions, which currently applies to all credit unions with assets of greater than €10m, provides guidance to assist credit unions in ensuring that individuals taking up key positions, including the position of manager, are among other things competent and capable to take up the role.

The Central Bank has developed a Credit Union Handbook to assist credit unions with the implementation of the new regulatory framework. The Central Bank also undertook a series of information seminars for credit unions in advance of the implementation of the new framework. Fourteen seminars where held in 7 locations around the country in July. In addition the Central Bank has issued a FAQ document which provides answers to questions relating to the implementation of the new governance and prudential requirements for credit unions and which is available on its website at www.centralbank.ie.

Individual credit unions with queries can contact the Central Bank on an on-going basis.