Maureen O'Sullivan (Dublin Central, Independent)
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253. To ask the Minister for Finance if he will report on tax expenditures enjoyed specifically or primarily by credit unions; the aggregate value of these; the rationale for each; the estimated loss to the dormant accounts fund arising from the exemption afforded to the credit union movement from legislation in respect of dormant accounts generally; and if he will make a statement on the matter. [11070/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that, other than the exemption from Corporation Tax in section 219A of the Taxes Consolidation Act 1997 which is applicable to credit unions that are registered or deemed to be registered under the Credit Union Act 1997, there are no tax expenditures or reliefs available specifically or primarily to credit unions.

I am further advised by Revenue that there are no costings available in relation to this exemption from tax.

The Dormant Accounts Act, 2001 (as amended), provides for accounts in credit institutions to be transferred to the Dormant Accounts Fund when an account has been dormant for 15 years. Credit unions are currently not subject to the dormant accounts legislation. Accordingly, accounts in credit unions that have not been reclaimed by the owners for at least 15 years are not transferred to the Dormant Accounts Fund.

The Credit Union Act, 1997 (as amended) does not make reference to Dormant Accounts. Dormant accounts in credit unions, and the practices surrounding them, are governed by Rule 22 of the Standard Rules for Credit Unions published by the Irish League of Credit Unions. There are no costings available as to the estimated loss to the Dormant Accounts Fund as a result of credit unions not being subject to the dormant accounts legislation.