Denis Naughten (Roscommon-South Leitrim, Independent)
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93. To ask the Minister for Finance when he will publish the commencement orders for the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012; and if he will make a statement on the matter. [43382/15]

Michael Noonan (Limerick City, Fine Gael)
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The Credit Union and Co-operation with Overseas Regulators Act 2012 (the "2012 Act" ) was signed into law by the President in December 2012.

It was agreed at that time that it would be neither practical nor feasible to commence the 2012 Act in its entirety in one fell swoop. Following on from that, an implementation timetable for the 2012 Act was devised in consultation with stakeholders, including credit union representative bodies.

Commencement of all sections of the 2012 Act has been aligned with the credit union financial year and the introduction of the underpinning Central Bank regulations, with a view to implementation of the 2012 Act in a coherent and cohesive manner. This has provided credit unions with the time necessary to ensure that the required processes and procedures are in place prior to implementation of each tranche.

I have met with the three credit union representative bodies and the perceived impact of the new regulations was discussed. It is my intention to commence the remaining sections of the 2012 Act on 31 December 2015 in line with the introduction of the regulations by the Registrar of Credit Unions. Following commencement the Commencement Order will be published in Iris Oifigiuil. These sections of the 2012 Act, when commenced will replace, amend or supplement existing sections of the 1997 Act.

The Government's priorities remain the protection of members' savings, the financial stability of credit unions and the sector overall and it is absolutely determined to continue to support a strengthened and growing credit union movement.