A credit union is a financial co-operative formed for the promotion of thrift among its members by:
- the accumulation of their savings
- the creation of sources of credit for the mutual benefit of its members at a fair and reasonable rate of interest
- the use and control of members' savings for their mutual benefit.
The Registry of Credit Unions (RCU) is responsible for the registration, regulation and supervision of credit unions.
In recognition of the unique nature of credit unions, a statutory position of Registrar of Credit Unions was explicitly created within the Central Bank of Ireland to assume responsibility for the regulation of credit unions.
Registrar of Credit Unions
Under the Credit Union Act 1997 (as amended) the functions of the Registrar of Credit Unions are to regulate credit unions with a view to the:
- Protection by each credit union of the funds of its members; and the
- Maintenance of the financial stability and well being of credit unions generally.
RCU's aim is to promote a financially stable credit union sector that operates in a transparent and fair manner and safeguards its members' funds. RCU uses a combination of off-site analysis and on-site inspections in carrying out the regulatory process.
Credit unions are regulated under the Credit Union Act, 1997 (as amended).