Michael Noonan (Limerick City, Fine Gael)
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The Credit Union Advisory Committee (CUAC) in its Review of Implementation of the Recommendations in the Commission on Credit Unions Report (the Report) recommended the establishment of an Implementation Group for a specified period of time to oversee and monitor implementation of its recommendations in a methodical manner and to advise the Minister for Finance on progress.  The Implementation Group has now met four times. 

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 and the Department worked closely with CUAC on this.

In line with CUAC's recommendations, the Department invited one nominee from each of the stakeholder groups. The Implementation Group consists of one 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 has held four monthly meetings to date, from February to May 2017 which were also attended by CUAC members.  It is intended that each CUAC recommendation will be addressed separately with a view to implementation at the appropriate time.  Meetings will continue to take place on a monthly basis with the next meeting scheduled for late June 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 very important recommendations.