Patrick Costello (Dublin South Central, Green Party)
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191. To ask the Minister for Finance if he will consider an amendment to the Credit Union Act 1994 to permit credit unions to include a statement when issuing the notice of the AGM to each eligible member in the notice to the effect that the annual accounts may be obtained on the website of the credit union or at the registered office of the credit union (details supplied); and if he will make a statement on the matter. [33302/22]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Credit Union Act (the Act) currently requires credit unions to deliver a copy of the annual accounts, along with the notice of the AGM, to every eligible member which must be delivered to each member, unless the member has specifically opted in to receive the notice electronically.

Notice of general meetings

Section 80(2)(d) of the Act provides that notice of a general meeting must be delivered personally or by post to the auditor and to each member of the credit union and, if delivered by post to any member, must be so delivered to the address of that member as recorded in the books of the credit union.

Annual accounts

In respect of the annual general meeting, section 78(5) of the Act requires, among other things, that a copy of the annual accounts for the financial year in respect of which the meeting is held be delivered, together with the notice of the meeting, to every person entitled to receive such a notice.

Some credit unions are issuing notices of annual general meetings, including a copy of the annual accounts, to members by email (where individual members have opted in to this approach).

In Issue 7 of its sectoral Credit Union News publication (June 2017), the Central Bank included an article on electronic communications, which noted that while credit unions have specific legal obligations with regard to member notifications, many of these may be undertaken through electronic means, subject to them being in compliance with all legal requirements. The Central Bank also set out its expectations where credit unions wish to communicate with members by email.

Changes to Legislation

I am aware that this matter has been raised with my officials, who are examining it for potential inclusion in the Programme for Government Review of Policy of Framework which will propose legislative amendments to the Act.

In considering whether to make an amendment to the manner in which credit union members receive the annual accounts as part of notice of the AGM it is important to be mindful that the accounts should be accessible to all members.