Joan Burton (Dublin West, Labour)
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69. To ask the Minister for Finance the actions his Department is to take on foot of the CUAC report published by his Department, Viability and Irish Credit Unions, on 19 May 2017; and if he will make a statement on the matter. [44752/17]

Paschal Donohoe (Dublin Central, Fine Gael)
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I can advise the Deputy that my Department published the Discussion Document prepared by CUAC titled ‘Viability and Irish Credit Unions’ on 19th May 2016. The objective of this research was to assist credit unions and define and measure credit union viability.

In the development of this discussion document CUAC undertook interviews with six credit unions and benefitted from engagement with representatives from the Central Bank, the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA).

The key message from the discussion paper is that viability can be measured and that it is a function of two things, the surplus generated by the credit union’s business model and the capital position of that credit union.

The Committee, which has a broad range of knowledge and experience on credit union matters, continues to look at topical issues for credit unions with a view to providing advice and timely reports to me.

CUAC also presented its report titled ‘Review of Implementation of the Recommendations in the Commission on Credit Unions Report’, to the then Minister on 29th June 2016. This report was published on my Department’s website in July 2016.

In its review CUAC recommended the establishment of an Implementation Group for a specified period of time. The Implementation Group was established to oversee and monitor implementation of CUAC’s recommendations in a methodical manner and to advise me of progress. To date, the Implementation Group has met seven times. It comprises a representative from ILCU, CUDA, the Credit Union Managers’ Association (CUMA), the National Supervisors Forum (NSF), the Central Bank and a CUAC representative. This broad membership ensures participation and encourages contribution from all credit union perspectives.

I look forward to receiving regular progress reports on implementation of these very important recommendations.