Joan Burton (Dublin West, Labour)
Link to this: Individually | In context | Oireachtas source

122. To ask the Minister for Finance the actions his Department will take on foot of the CUAC report Viability and Irish Credit Unions on 19 May 2017; and if he will make a statement on the matter. [31497/17]

Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The Credit Union Advisory Committee (CUAC) carried out a survey of credit unions and also a viability study of credit unions, both of which were published on the Department of Finance website on 19 May 2016.

These were used to inform part of CUAC's work in reviewing the Implementation of the Recommendations set out in the Report of the Commission on Credit Unions which was published on the Department's website on 6 July 2016.

This Report provides an in-depth analysis of the sector from a financial perspective and CUAC also met with a range of stakeholders to ensure a balanced report providing focused and effective recommendations.  Recommendations were provided under seven specific headings: tiered regulation, section 35, consultation and engagement with the Central Bank, governance, restructuring, business model development and additional matters.

An Implementation Group is now in place and has held six meetings to date.  This group consists of members from credit union representative bodies ILCU, CUDA, CUMA and NSF; a CUAC representative; a Central Bank member and is chaired by the Department of Finance. Work is continuing on developing each of the recommendations for implementation at the appropriate time.