Jack Chambers (Dublin West, Fianna Fail)
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233. To ask the Minister for Finance his views on whether Government policy is constraining the future potential of the credit union movement; and if he will make a statement on the matter. [14020/17]

Michael Noonan (Limerick City, Fine Gael)
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I wish to make it very clear that this Government's policy is not constraining the future potential of the credit union movement. In fact I would argue the opposite. As I have stated many times, credit unions have a key role to play in providing access to credit and other important services in local communities throughout the country. The Government recognises this and has put in place a number of measures to ensure that credit unions can continue to provide services to their members and to ensure the stability of the sector into the future. These measures include:

- the establishment of the Commission on Credit Unions;

- the publication of the Credit Union and Co-operation with Overseas Regulators Act 2012;

- the establishment of the Credit Union Restructuring Board ReBo;

- the establishment of a stabilisation levy to support credit unions that are undercapitalised but are otherwise viable;

- the availability of €250 million of exchequer funding for voluntary restructuring of credit unions facilitated by ReBo;

- the availability of €250 million of exchequer funding for resolution purposes.

Most of these measures stemmed from recommendations made in 2012 by the Commission on Credit Unions in its final report and were implemented over five years with the objective of developing a strengthened and revitalised credit union sector to ensure it is in a position to play an increasing role in the financial landscape of the future in this country.

Following on from this, in December 2015, I invited the Credit Union Advisory Committee (CUAC) to carry out a review of the implementation of those recommendations set out in the report of the Commission on Credit Unions. On 29 June 2016 I was presented with a report by CUAC which provides an in-depth analysis of the sector from a financial perspective and from a stakeholder perspective based on discussions with a wide range of stakeholders. This approach ensured a balanced report from CUAC providing focused and effective recommendations. I have now put in place an Implementation Group, which includes members from the main credit union representative bodies, to oversee and monitor implementation of these recommendations, which will support credit unions in many ways including in developing their business model.

The Government wants not only strong, vibrant credit unions offering a safe and secure place for members' savings but also credit unions' being appropriately positioned to offer their members a wide range of services including loans, debit card facilities and new facilities based on the needs of their membership.  This Government recognises the important role of credit unions as a volunteer co-operative movement in Ireland and 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 continue to support a strengthened and growing credit union movement. 

Jack Chambers (Dublin West, Fianna Fail)
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234. To ask the Minister for Finance the number of new credit union branches that have been approved for opening in the past five years; and if he will make a statement on the matter. [14021/17]

Michael Noonan (Limerick City, Fine Gael)
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In accordance with Section 6 of the Credit Union Act 1997 (1997 Act), the Central Bank of Ireland is the sole authority with the power and responsibility for registering credit unions in Ireland. The last registration of a credit union took place in 1999.

The Central Bank informs me that it has not received an application to register a credit union since the Central Bank assumed responsibility for registering, regulating and supervising credit unions in 2003.

Registered credit unions may operate sub-office(s) (i.e. branches) under their registration and so do not require a separate registration for these.

Jack Chambers (Dublin West, Fianna Fail)
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235. To ask the Minister for Finance the process for new credit union branches to be approved and licensed by the Central Bank; and if he will make a statement on the matter. [14022/17]

Michael Noonan (Limerick City, Fine Gael)
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The Central Bank of Ireland (Central Bank) is the sole authority with the power and responsibility for registeringcredit unions in Ireland in accordance with the provisions of the Credit Union Act 1997 (1997 Act). Under the 1997 Act, credit unions are registered rather than licensed.The Central Bank has an application process, along with supporting documentation, for any potential applicant wishing to register a credit union. The 'Checklist for completing and submitting Credit Union Registration Applications' which is available on request from the Central Bank, must be completed by applicants during the application process. It seeks information on all criteria credit unions are required to comply with on an on-going basis including:

In relation to the board of directors and management, information is also sought on the following requirements:

- all persons proposed to perform Controlled Functions, which include the board of directors and management, must meet the Central Bank's Fitness and Probity requirements for credit unions. This includes obtaining approval by the Central Bank of the chair of the board of directors and the manager of the credit union prior to the individuals concerned taking up these positions.

- the governance framework in the 1997 Act which sets out requirements for the board of directors and certain management positions. 

Conditions may be imposed by the Central Bank on a credit union s registration.

Any applicant interested in registering a credit union can contact the Registry of Credit Unions at the Central Bank.