Niall Collins (Limerick County, Fianna Fail)
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110. To ask the Minister for Finance his views on a matter (details supplied); and if he will make a statement on the matter. [18393/17]

Pat Buckley (Cork East, Sinn Fein)
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114. To ask the Minister for Finance if the restrictions on Charleville Credit Union's lending will be lifted; and if he will make a statement on the matter. [18454/17]

Michael Noonan (Limerick City, Fine Gael)
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I propose to take Questions Nos. 110 and 114 together.

My role as Minister for Finance is to ensure that the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions.

Credit unions are regulated and supervised by the Registrar of Credit Unions at the Central Bank who is the independent regulator for credit unions.  Within her independent regulatory discretion, the Registrar acts to support the prudential soundness of individual credit unions, to maintain sector stability and to protect the savings of credit union members.

While it is important to distinguish this division of roles, it is equally important to recognise that both the Registrar of Credit Unions and myself, as Minister for Finance, are working together for the safety of members' savings and the security of the credit union sector.

The Central Bank has informed me that they are prevented by legislation from discussing individual regulated firms. The Central Bank recognises the important role of credit unions and the provision of credit union services to their members and engages with credit unions to address supervisory issues arising.

The role of the Registry of Credit Unions is to regulate credit unions with a view to the protection by each credit union of the funds of its members and the maintenance of the financial stability and wellbeing of credit unions generally in line with its statutory mandate. In general, lending restrictions are imposed in the context of on-going matters of supervisory concern arising in individual credit unions. Where individual credit union lending restrictions are currently in place, they are reviewed on a regular basis by the Central Bank to determine whether or not they are still set at appropriate levels.

In relation to the holding of Annual General Meetings (AGM's) in accordance with Section 78(2) of the Credit Union Act, 1997 (as amended), the Central Bank informs me that it works closely with credit unions on a case by case basis to resolve any regulatory issues arising before a credit union can hold its AGM. 

The regulation and supervision of the credit union sector is a matter for the Central Bank and I am satisfied that the Registrar of Credit Unions is working in the best interests of individual credit unions, their members and the sector as a whole. 

In relation to lending restrictions more generally, the Implementation Group which I have established to implement all recommendations in the Credit Union Advisory Committee's (CUAC) report is currently considering all recommendations including a full review of section 35 lending limits and concentration limits. I look forward to an update from them in due course.