Pearse Doherty (Donegal, Sinn Fein)
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159. To ask the Minister for Finance the procedure for membership involvement in credit union mergers; and if he will make a statement on the matter. [39323/17]

Pearse Doherty (Donegal, Sinn Fein)
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160. To ask the Minister for Finance if members voted on the merger of two credit unions (details supplied); the way this vote took place; the way this vote was advertised to members of a credit union; and the way members of a credit union were informed of this merger. [39324/17]

Pearse Doherty (Donegal, Sinn Fein)
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161. To ask the Minister for Finance if members voted on the merger of two credit unions (details supplied); the way this took place; the way this vote was advertised to members of a credit union; and the way members of a credit union were informed of this merger. [39325/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 159 to 161, inclusive, together.

A transfer of engagements is a voluntary process whereby all assets, liabilities and undertakings of one or more credit unions are transferred to another credit union.  Sections 129 – 132 of the Credit Union Act 1997 set out requirements relating to a transfer of engagements between credit unions. This is a matter for the Registrar of Credit Unions at the Central Bank.

The Central Bank has informed me that it is subject to strict confidentiality requirements and cannot comment on individual credit unions. However, the Central Bank confirmed that the credit unions to which the Deputy refers remain as separate registered credit unions and at this point in time, no transfer of engagements has been undertaken. 

In order to transfer its engagements or to undertake to fulfill the engagements of another credit union, a credit union shall resolve to do so by a Special Resolution of their members, or if the Registrar of Credit Unions considers it expedient to do so, by a resolution of the board of directors.

Prior to any transfer of engagements process completing, every member of each credit union concerned must be sent all relevant information in line with the requirements of Section 130 of the Credit Union Act 1997, which includes:

- Notice of a general meeting of the credit union, or where applicable, notice of the resolution passed by the board of directors; and

- A copy of the annual accounts for each credit union concerned for the most recent financial year.

All information in relation to the transfer of engagements process can be found on the Central Bank of Ireland website at the following link: www.centralbank.ie/docs/default-source/Regulation/industry-market-sectors/credit-unions/credit-union-handbook/cu-handbook--transfers.pdf?sfvrsn=10.