Michael McGrath (Cork South Central, Fianna Fail)
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24. To ask the Minister for Finance if he is considering extending the deadline for credit unions to apply for assistance from the restructuring board; and if he will make a statement on the matter. [1323/16]

Michael Noonan (Limerick City, Fine Gael)
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On 1 January 2013 the Credit Union Restructuring Board - ReBo, was established on a statutory basis. ReBo was established to facilitate and oversee the restructuring of credit unions on a voluntary, incentivised and time-bound basis. The objectives of the restructuring process are to underpin the stability and long-term viability of credit unions and the sector at large and to provide an opportunity for stronger credit unions to develop a more sustainable business model.

In October 2015 a detailed review of the work of ReBo was carried out under section 43 of the 2012 Act to examine whether or not ReBo had completed the performance of its functions. This review recommended that the final date for a credit union to receive a letter of offer from ReBo should be extended from 31 December 2015 to 31 March 2016. This extension provides additional time for credit unions considering entering the restructuring process to make an application in good time. 

Section 43(2)(b) of the 2012 Act provides that a further review must be carried out within twelve months of the first review to establish whether or not ReBo has completed its work. In accordance with the 2012 Act when I am satisfied that ReBo's work is done, I will by order dissolve ReBo.

In the meantime, ReBo is continuing with its restructuring work and has provided assistance in forty completed credit union mergers involving eighty four credit unions. The ReBo board has approved a further ten mergers, involving ten credit unions in projects which will complete shortly. In total, and including the above, ReBo is engaged with 204 credit unions at varying stages of the restructuring process with a combined asset value of €8 billion. 

While I am very pleased with the progress ReBo has achieved to date in its engagement with the sector, I have no plans at this time to further extend the term of ReBo.