Michael McGrath (Cork South Central, Fianna Fail)
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223. To ask the Minister for Finance the number of Section 90 reviews of credit unions carried out by the Central Bank of Ireland in each year since 2010; and if he will make a statement on the matter. [33480/14]

Michael Noonan (Limerick City, Fine Gael)
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Section 90 of the Credit Union Act, 1997, provides that the Central Bank may appoint an authorised officer to carry out an inspection and to provide a report of the inspection to the Central Bank. Section 24 of the Central Bank (Supervision and Enforcement) Act, 2013 provides that an authorised officer can include any officers or employees of the Central Bank or other suitably qualified persons .

In 2011, the Central Bank adopted a risk-based approach to supervision underpinned by a credible enforcement deterrent. The Probability Risk and Impact System - PRISM, is a risk-based system of supervision that applies to financial institutions regulated by the Central Bank of Ireland. In 2012 PRISM was extended to credit unions.

Prior to the implementation of PRISM the Central Bank carried out thematic supervisory reviews across a number of selected credit institutions. Engagement between the Central Bank and credit unions for 2010 and 2011 is set out in the Central Bank's Annual Performance Statement Financial Regulation 2011-2012 as follows: