Paul McAuliffe (Dublin North West, Fianna Fail)
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133. To ask the Minister for Finance the status of the publication of the credit union policy review framework. [62332/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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I thank the Deputy for his question. Work on the credit union policy review is now at an advanced stage.

Since the review began, the Department has held extensive engagement with the credit union representative bodies to seek their feedback.

The Minister of State, Sean Fleming TD, has met with a wide range of credit union stakeholders to gain further insights into areas such as collaboration and business model development in the sector.

There will be further consultation with the sector before the finalisation of the list of proposals which are aimed at supporting the credit union sector to strengthen and grow.

Michael Moynihan (Cork North West, Fianna Fail)
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135. To ask the Minister for Finance the status of his recent engagement with the Central Bank regarding the difficulties faced by the credit union sector. [62058/21]

Paschal Donohoe (Dublin Central, Fine Gael)
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Minister Fleming, Minister of State with responsibility for credit unions, last met with the Central Bank in November. This meeting afforded him the opportunity to gain feedback on regulatory issues.

Legislative or regulatory amendments alone will not solve the financial challenges arising from the low/negative interest rate environment, muted credit demand, strong savings growth, and high operating costs. To address these issues, credit unions must develop their business models and enhance collaboration.

Officials in the Department of Finance continue to actively engage with the Central Bank in addition to the Central Bank conducting its own extensive stakeholder engagement.