Terence Flanagan (Dublin North East, Renua Ireland)
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213. To ask the Minister for Finance his views on a matter (details supplied) regarding credit unions; and if he will make a statement on the matter. [46877/15]

Michael Noonan (Limerick City, Fine Gael)
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Credit unions are similar to banks in that they are first and foremost financial institutions which primarily accept deposits and make loans. However, credit unions differ from banks in that they exist to attain the economic and social goals of the people who comprise their membership.

Credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. This Government recognises this and has put in place a number of measures to ensure that credit unions can continue to provide these vital services to their members and to ensure the stability of the sector into the future. These measures include:

- the establishment of the Commission on Credit Unions;

- the publication of the Credit Union and Co-operation with Overseas Regulators Act 2012;

- the establishment of the Credit Union Restructuring Board ReBo;

- the establishment of a stabilisation levy to support credit unions that are undercapitalised but are otherwise viable;

- the availability of €250 million for voluntary restructuring of credit unions facilitated by ReBo; and

- the availability of €250 million for resolution purposes.

These measures stemmed from recommendations made by the Commission on Credit Unions in its final Report and have been implemented over the last five years to acknowledge the increasing role for a strengthened and revitalised credit union sector, thus putting credit unions in a position to play an increasing role in the retail financial landscape of the future in this country.

My Department is always open to considering new proposals in relation to credit unions, particularly those that would see the development of the credit union business model and an increase in income for the sector while protecting members savings.