Michael McNamara (Clare, Independent)
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172. To ask the Minister for Finance if a credit union (details supplied) in County Clare which does not have a CRO number can register a vehicle in its ownership; and if he will make a statement on the matter. [44522/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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Credit unions are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by Central Bank, which set out the framework for the registration, regulation and operation of credit unions.

Register of Credit Unions

The Central Bank publishes a register of credit unions on its website pursuant to the requirements of the 1997 Act (see here: ).

In accordance with section 8 of the 1997 Act, if the Central Bank is satisfied that a society which has made an application for registration as a credit union has complied with the relevant provisions of the Act, the Central Bank shall issue to the society, as a credit union, an acknowledgement of registration assigning it a registered number. The registered number of each individual credit union is shown on the register.

On the registered name of a credit union, Section 10 of the 1997 Act requires that the words "credit union" or "comhar creidmheasa" are included in the name of every credit union and that the name of every credit union ends with the word "Limited" or "Teoranta", which may be abbreviated to "Ltd." or "Teo." respectively.

Effect of Registration

Section 9(1) of the 1997 Act states that “By virtue of its registration, a credit union shall be a body corporate known by its registered name (by which it may sue and be sued) with perpetual succession, a common seal and limited liability”.

Operation of credit unions

Part III of the 1997 sets out relevant provisions relating to the operation of credit unions. Within this part of the Act, section 26(1) state that “A credit union shall not carry on any business or activity which is not appropriate or incidental to the objects for which, in accordance with section 6, it is formed”. Subject to this, section 26(2) confirms that “ ...a credit union may –

(a) acquire property of any description permitted by or under this Act; and

(b) do anything expedient for accomplishing, or conducive to or consequential upon, the objects for which the credit union is formed”.

Registration of a vehicle

Section 131 of the Finance Act 1992 provides for Revenue to maintain a register in relation to a vehicle and its ownership in a manner prescribed by the Revenue Commissioners. Section 130 of the Finance Act 1992 defines ‘owner’"(a) in relation to a vehicle (other than a vehicle specified in paragraph (b)), the person by whom the vehicle is kept, (b) in relation to a vehicle which is the subject of a hire-purchase agreement or a lease, the person in possession of the vehicle under the agreement or lease".

The correct owner name and address information must be declared to Revenue at the time of registration of motor vehicles. The declared name will appear on the Vehicle Registration Certification (VRC) and is the person responsible under law for this vehicle. The owner can be the person or legal entity by whom the vehicle is kept or if the vehicle is subject of a hire-purchase agreement or a lease, the person or legal entity named on the agreement.

Details of vehicle ownership for registration of a vehicle is on the Revenue website (see here: www.revenue.ie/en/importing-vehicles-duty-free-allowances/guide-to-vrt/authorised-dealers-and-processes/owner-name-and-address.aspx).

Once a credit union satisfies a legal entity definition and can be held legally accountable, Revenue will assist the applicant in completing the registration process.