Statement from Registrar of Credit Unions

The Registrar of Credit Unions, Anne Marie McKiernan, welcomes the two settlement agreements with Irish Taxi Owners’ Co-Op Credit Union Limited and Michael Hogan which were entered into on 14 October, 2015.

“These are the first enforcement cases to be taken in relation to a credit union since the Administrative Sanctions Procedure became fully applicable to credit unions on 1 August 2013. It highlights the importance of the provision of accurate and timely information to the Registry of Credit Unions, to assist it in the supervision of credit unions and to enable it to fulfil its statutory mandate to protect members’ funds and safeguard the financial stability of the sector.

Under the regulatory framework, those responsible for the oversight and management of credit unions are accountable to both their members and us as regulators. The requirements set out in legislation are significant and those that undertake these roles should understand and carry out these responsibilities with due regard for their important role in safeguarding their credit union.

The Registry of Credit Unions will continue to work with credit unions to support the embedding of the strengthened regulatory framework.”