Maureen O'Sullivan (Dublin Central, Independent)
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62. To ask the Minister for Finance if he is committed to continuing tax expenditures, that is Government taxpayer support in the form of the deliberate transfer of public resources, achieved by reducing tax obligations with respect to a benchmark tax or reducing or postponing revenue, in support of the credit union movement; if credit unions will continue to be tax exempt in respect of corporate surpluses and reserves; if tax exemption for the income of credit unions will be continued; if these privileges will continue to extend, not only to existing, but also to new, aggregated credit unions, and to credit union representative organisations; and if he will make a statement on the matter. [15905/15]

Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that credit unions that are registered, or deemed to be registered, under the Credit Union Act 1997 are exempt from Corporation Tax by virtue of section 219A of the Taxes Consolidation Act 1997. 

Credit unions are not-for-profit member owned financial co-operatives funded primarily by member deposits and existing to attain the economic and social goals of their members. They cannot conduct business with the general public and must deal solely with their members who share a common bond such as where they live or work. Surplus monies generated by business activities belong to the members and distribution of any surplus may take a number of forms including; allocating to members in proportion to their transactions; the development of common services to benefit all members and the community; or the development of the business of the credit union. 

The Government recognises the important role of credit unions whose not-for-profit mandate, community focus and dedication of their volunteers ensure that they continue to be a central part of our community. 

I have no plans at this time to change the exemptions currently in place.