Michael McGrath (Cork South Central, Fianna Fail)
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59. To ask the Minister for Finance the status of the work of the implementation group concerning the recommendations of the credit union advisory committee report; and if he will make a statement on the matter. [9991/17]

Michael Noonan (Limerick City, Fine Gael)
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One recommendation of the Credit Union Advisory Committee (CUAC) in the Review of Implementation of the Recommendations in the Commission on Credit Unions Report (the Report) was that an Implementation Group be established for a specified period of time to oversee and monitor implementation of those recommendations in a methodical manner and to advise the Minister for Finance on progress. 

Publication of the Report in July 2016 was just the beginning of the process. From September 2016 onwards CUAC continued working to enable a coherent implementation plan be devised.  The Department has been working closely with CUAC.

In line with CUAC's recommendations, the Department invited one nominee from each of the stakeholder groups. The Implementation Group consists of a representative from each of the following: Irish League of Credit Unions; Credit Union Development Association; Credit Union Managers' Association; National Supervisors Forum; and the Central Bank. The Implementation Group also has a CUAC representative and is chaired by the Department. This broad membership will ensure participation and contribution from all credit union perspectives.

The Implementation Group held its inaugural meeting on Monday 20 February 2017 and was also attended by all CUAC members.  It is intended that each CUAC recommendation will addressed separately with a view to implementation at the appropriate time.  Meetings will continue on a monthly basis with the next meeting scheduled for late March 2017. The term of the Implementation Group is for one year which may be extended at the discretion of the Minister. I look forward to receiving regular progress reports on the implementation of these important recommendations.