Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

96. To ask the Minister for Finance his plans to extend the period of operation of the Credit Union Restructuring Board; and if he will make a statement on the matter. [22308/14]

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

The Credit Union Restructuring Board (ReBo) was established on a timebound basis in line with recommendations in the Report of the Commission on Credit Unions.  ReBo is working towards the timetable set out in the Report, with a view to completing the restructuring process by the end of 2015.  At that stage a review of the operation of ReBo in accordance with section 43 of the Credit Union and Co-operation with Overseas Regulators Act 2012 will have been completed.

I have no plans at this time to extend the term of ReBo.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

97. To ask the Minister for Finance the amount that has been drawn down to date by the Credit Union Restructuring Board; and the amount that has been used to aid in the restructuring of credit unions to date. [22309/14]

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

The Credit Union Restructuring Board - ReBo, has incurred expenditure of circa €1.3m from its establishment until 30 April 2014, in fulfilment of its legislative mandate. This amount is made up of the following:

- Approximately €220,000 of this relates to approved direct funding for credit union restructuring costs.

- Approximately €700,000 relates to ReBo staff costs.

- The remaining €380,000 consists of costs in relation to the establishment and office administration, information technology and communications, legal costs, accountancy costs and other professional fees, bank charges, sundry expenses and Board costs.

ReBo staff are actively working with credit unions and other stakeholders in the development and completion of their restructuring proposals as set out by ReBo in its Statement of Strategy. ReBo has interacted on an individual basis with over 350 credit unions and is currently involved in 50 active projects. Consistent with the co-funding of ReBo by the credit union movement and the State as recommended by the Commission on Credit Unions, 50% of ReBo's total expenditure is recoupable from the credit union sector via a levy.