Clare Daly (Dublin Fingal, Independent)
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166. To ask the Minister for Finance the status of investigations carried out by the Central Bank into a credit union (details supplied); and if he will make a statement on the matter. [30080/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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My role as Minister for Finance is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions.

The Registrar of Credit Unions at the Central Bank 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.

In relation to your question regarding the status of investigations carried out by the Central Bank into a specific credit union, the Central Bank informs me that it is subject to strict confidentiality requirements under section 33AK of the Central Bank Act 1942, and therefore cannot comment on an individual credit union.

Alan Kelly (Tipperary, Labour)
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167. To ask the Minister for Finance if it is permissible for the board and board oversight committee members of a credit union to receive a small shopping voucher (details supplied) at Christmas time from their credit union as a token of appreciation in view of the fact that credit union directors and board oversight committee members are volunteers and receive no remuneration for their work; and if he will make a statement on the matter. [30082/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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Credit unions operate under a not-for-profit mandate, have a community focus and a volunteer ethos. These are the distinctive features that set credit unions apart from other financial organisations.

In line with its ethos, the Credit Union Act 1997 provides for a limitation of remuneration for specific posts within a credit union. This matter is governed by Section 68 of the 1997 Act which specifically states that:

(1) A credit union shall not pay any remuneration, directly or indirectly, to -

(a) a director of the credit union, or

(b) a member of the board oversight committee or a principal Committee of the credit union,

for any service performed by that person in that capacity.

The 1997 Act further states that

(2) Nothing in subsection (1) shall be regarded as prohibiting the payment (or reimbursement) of expenses -

(a) which are necessarily incurred by a director or committee member in the course of performing any service on behalf, or for the benefit, of the credit union; and

(b) which are approved by a majority of the directors voting at a meeting of the board.

A credit union is legally responsible for compliance with requirements imposed under legislation and within regulations. Should the Deputy have any particular concern, this should be brought to the attention of the Registrar of Credit Unions at the Central Bank who is responsible for regulation and supervision of the credit union sector.