Central Bank welcomes the publication of the Credit Union Advisory Committee report

• Central Bank acknowledges opportunity to provide input into the review
• Strengthened credit union sector can play key role in financial service provision
• Welcome opportunity to work with sector on implementation of recommendations

The Central Bank of Ireland welcomes the publication of the Credit Union Advisory Committee's (CUAC) report on their Review of the Implementation of the Recommendations of the Commission on Credit Unions. The Central Bank was pleased to have the opportunity to engage with the Committee and provide input into the review along with other sector stakeholders.

The report acknowledges that most of the Commission on Credit Unions’ recommendations have been implemented and recommends that an implementation group be established to oversee the implementation of recommendations set out in CUAC’s report including recommendations relating to tiered regulation, longer term lending and business model development.

Registrar of Credit Unions, Anne Marie McKiernan said “The Central Bank believes that a strengthened credit union sector can play a key role in the provision of services to members in the restructured financial services landscape. We look forward to working with sector stakeholders on the implementation group to oversee implementation of CUAC’s recommendations.”

Notes

On 31 May 2011 Commission on Credit Unions was established by Government in accordance with the Programme for National Government 2011-2016 to:

• the future of the credit union movement in Ireland; and
• make recommendations in relation to the most effective regulatory structure for credit unions taking into account their not-for-profit mandate, their volunteer ethos, and community focus while paying due regard to the need to fully protect depositors’ savings and financial stability.

The Commission presented its final report to the Minister for Finance on 31 March 2012 which contained recommendations regarding the strengthening of the regulatory framework for credit unions and restructuring of the sector.

The Minister for Finance invited the Credit Union Advisory Committee (CUAC) to carry out a review of the implementation of the Recommendations set out in the Report of the Commission on Credit Unions and to present the Report of those findings including any recommendations to the Minister for Finance by 30 June 2016 for publication thereafter.