Terence Flanagan (Dublin North East, Independent)
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192. To ask the Minister for Finance his views on the limit that one can save with a credit union; his plans to review this limit; and if he will make a statement on the matter. [29953/15]

Michael Noonan (Limerick City, Fine Gael)
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The Credit Union and Co-operation with Overseas Regulators Act 2012 provides the Central Bank with powers to make regulations. Before making regulations, the Central Bank must consult with the Minister, the Credit Union Advisory Committee and any other body that has expertise or knowledge or that the Central Bank considers appropriate.

I have been informed by the Central Bank that it issued a consultation paper on 27 November 2014 entitled Consultation on Regulations for Credit Unions on commencement of the remaining sections of the 2012 Act - CP88. The Central Bank provided a 3 month consultation period and the closing date for submissions was 27 February 2015.

The draft savings regulations set out in CP88 propose that all credit unions can have individual member's savings of up to a maximum of €100,000. A maximum individual members' savings limit of €100,000 would ensure the protection of members' savings and continues to ensure that credit unions' funding is sufficiently diversified and is not dependent on a small number of members. The Central Bank is mindful of the potential financial stability impact on the wider credit union sector of any credit union member losing savings.

The Central Bank informs me that it has reviewed all submissions received on CP88 and is currently in the process of finalising the regulations.

While the making of regulations is a matter for the Central Bank, under section 84A of the Credit Union Act 1997, as Minister for Finance, I will be consulted on proposed regulations. My priority is always the protection of credit union members' savings and the stability of the sector as a whole.