Seán Fleming (Laois, Fianna Fail)
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191. To ask the Minister for Finance the position regarding the amalgamations of credit unions; when approvals for amalgamations are expected to be completed; if credit unions involved in the process will be approved for costs incurred in the amalgamation process; and if he will make a statement on the matter. [13216/17]

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. This Government provided €250 million in the Credit Union Fund as a source of financial support for credit unions restructuring under ReBo.

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 noted that ReBo's work was still ongoing and 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 provided additional time for credit unions considering entering the restructuring process to make an application in good time.  A further review carried out in October 2016 concluded that ReBo expected to have completed the performance of its functions by 31 March 2017.

During its lifetime, 82 restructuring projects involving 156 credit unions with total assets in excess of €6 billion have been completed.  As part of the restructuring process qualifying costs incurred by those credit unions were reimbursed by ReBo. Any potential amalgamations not completed under ReBo will pass to the Central Bank and any credit union seeking to undertake a voluntary merger is being advised to contact the Central Bank in this regard.

I am expecting a final review of the work of ReBo in the coming weeks, which I believe will demonstrate that ReBo has completed the performance of its functions in line with the 2012 Act.