Michael McGrath (Cork South Central, Fianna Fail)
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184. To ask the Minister for Finance the number of credit unions that, as at 31 January 2017, have had their AGMs delayed by the Central Bank for more than nine months. [13153/17]

Michael McGrath (Cork South Central, Fianna Fail)
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185. To ask the Minister for Finance his views on the Central Bank's power under section 78(4) of the Credit Union Act 1997 (details supplied), in view of the fact that a number of credit unions have had their AGMs delayed by the Central Bank for periods exceeding the maximum postponement period of nine months as stated in the Act. [13154/17]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 184 and 185 together.

The Registrar of Credit Unions at the Central Bank of Ireland is responsible for the regulation of credit unions registered under the Credit Union Act, 1997 (1997 Act), as amended.  In accordance with Section 78(2) of the 1997 Act, credit unions are required to hold an Annual General Meeting (AGM), within four months of the end of the financial year. I have been informed by the Central Bank that in relation to the holding of AGMs by credit unions in accordance with Section 78(2) of the 1997 Act, the Central Bank works closely with credit unions on a case by case basis to resolve any regulatory issues arising before a credit union holds its AGM. In this regard the Central Bank suggests that members should seek information from their individual credit union regarding the proposed timing of their AGM. Under section 78(4) of the 1997 Act the Central Bank may direct a credit union to postpone, for a period not exceeding nine months, the holding of the AGM.  However, the Central Bank informs me that at present, no credit union has been directed by the Central Bank to postpone the holding of their AGM.  I have been further informed by the Central Bank that as at 31 January 2017, there were 13 credit unions that had not held AGMs for more than 9 months. As at 15 March 2017, this number has reduced to 12, representing approximately 4% of the 286 active credit unions.  The Central Bank expects that the number of credit unions with AGMs outstanding will continue to reduce in the coming weeks, as a number of these AGMs are due to be scheduled.  It is the responsibility of any credit union that has not held its AGM, to ensure that all regulatory issues are addressed so that any outstanding AGMs can be held as soon as possible. The Central Bank will continue to work closely with all of those credit unions to ensure that they address any regulatory issues so that their AGMs can take place. 

Any actions taken by the Central Bank are taken in the interests of credit union members, the protection of their savings and in the interests of the orderly and proper regulation of the business of a credit union in line with our statutory mandate.