Public consultation on credit unions

Tuesday, March 4, 2014

The Minister for Finance, Mr Michael Noonan T.D. yesterday announced the commencement of a public consultation process in advance of the introduction of a levy on credit unions to fund the provision of stabilisation support.

The levy was recommended in the agreed report of the Commission on Credit Unions and has been provided for in the Credit Union and Co-Operation with Overseas Regulators Act 2012.
The Act enables the Minister for Finance to provide stabilisation support to a credit union where it has been approved by the Central Bank. 

The Central Bank can only approve the provision of stabilisation support to a credit union if

· the credit union’s regulatory reserve is equal to or greater than 7.5% of the total assets of the credit union.
· the credit union is in the opinion of the Central Bank viable as a credit union.
· the Credit Union Fund contains funds for the provision of stabilisation support. · 

The consultation period will last until 25 April 2014. Interested parties are invited to make submissions by email tostabilisation@finance.gov.ie 

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