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Government pledges support for Credit Union reform

The Finance Minister is to establish an implementation group in order to facilitate the restructuring of the the country’s Credit Unions.

Finance Minister Michael Noonan
Finance Minister Michael Noonan
Image: Niall Carson/PA Wire/Press Association Images

THE FINANCE MINISTER Michael Noonan says the Government will establish an implementation group in order to facilitate the restructuring of Credit Unions as recommended in a recent report.

Earlier this month, a major report by the Commission on Credit Unions recommended the restructuring of Ireland’s credit unions. The report, which examined key features of credit unions in the country and investigated the financial position of the sector, recommended that the unions be restructured on a voluntary basis through mergers and transfers, which should take place over a maximum of four years.

Speaking at the Irish League of Credit Unions Annual General Meeting at the weekend, Noonan said that Credit Unions had been a “durable presence” throughout the country over the past 50 years, and that the Government would support them during the upcoming period of transition.

Noonan said that the forthcoming Credit Union Bill would give effect to the changes to regulation and governance outlined in the report – and that the changes would be introduced on a phased basis over time and calibrated according to the tiered regulatory approach.

The Irish Times reports that €500 million has been earmarked for the reform of the country’s Credit Unions, with €250 million set aside for this year.

Read: Report calls for restructuring of credit union sector

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