John Brady (Wicklow, Sinn Fein)
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24. To ask the Minister for Finance the progress made on the programme for Government commitment to support the credit union sector; and if he will make a statement on the matter. [17512/16]

Michael Noonan (Limerick City, Fine Gael)
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Credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. Progress has been made on a number of the Programme for a Partnership Government commitments including the following:

- The Implementation Group of the Personal Microcredit Scheme is committed to achieving the rollout and extension of the scheme and progress has already been made towards extending the geographical remit of the scheme and broadening the target audience beyond social welfare customers who have access to the Household Budgeting facility.

- In relation to assisting credit unions in making successful applications to retain members' savings in excess of €100,000, the Central Bank has consulted with my Department on the application process and my officials have met with the Registrar to discuss the details of the application process. Separately, the Registrar met with the representative bodies to obtain their feedback. Final application forms are now available on the Central Bank's website. It is up to individual credit unions to complete the application forms should they wish to make an application.

- In February 2015 the Central Bank commenced a lending restriction review initiative. The Central Bank has informed my Department that at this stage where a review has been completed 74% of the applicant credit unions have had their lending restriction lifted. The Central Bank has informed my Department that there is ongoing engagement with credit unions to lift lending restrictions. We will continue to monitor this matter.

- In December 2015 I invited the Credit Union Advisory Committee (CUAC) to carry out a review of the Implementation of the Recommendations set out in the Report of the Commission on Credit Unions. The final report is expected to be presented to me by 30 June 2016 for publication thereafter.

- My Department will continue to work with a range of stakeholders including the Representative Bodies, credit unions, the Central Bank and the Irish Council for Social Housing to facilitate and support credit union's social housing initiatives.

The Government recognises the important role of credit unions as a volunteer co-operative movement in this country. The Government's priorities remain the protection of members' savings, the financial stability of credit unions and the sector overall and it is determined to support a strengthened and growing credit union movement.