John Curran (Dublin Mid West, Fianna Fail)
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165. To ask the Minister for Finance if he is satisfied that the lending limits imposed by the Central Bank on a credit union (details supplied) are fair and reasonable; if these lending limits allow this credit union to operate competitively; his views on the future viability of the credit union due to the very restrictive lending limits imposed by the Central Bank; and if he will make a statement on the matter. [36615/18]

Paschal Donohoe (Dublin Central, Fine Gael)
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As the Deputy is aware the Central Bank has statutory responsibility for the registration, regulation and supervision of credit unions in Ireland.

While it would not be appropriate to comment on a specific regulatory matter concerning a specific credit union, I have been advised by the Central Bank that, in accordance with its statutory responsibility, it regulates and supervises all credit unions with a view to the protection by each credit union of its members' funds and maintenance of financial stability and the well-being of credit unions.  It is the responsibility of each credit union at all times to ensure compliance with legal and regulatory requirements. Where instances of failure to comply with regulatory requirements are identified the Central Bank uses appropriate regulatory, enforcement or other powers.

Regulatory directions, such as those imposing lending restrictions, are issued in the interest of the orderly and proper regulation of the business of a credit union with the purpose of ensuring that the credit union is provided with specific, proportionate, time-bound actions to address the specific issues identified.

The Central Bank works closely with all credit unions who have regulatory directions imposed to ensure that all outstanding supervisory issues are addressed by the board of the credit union to the satisfaction of the Central Bank.