The Government has established a Commission on Credit Unions to review the future of the credit union movement 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 will as a priority, having regard to the particular nature of the credit union sector, examine the strategy to underpin its immediate solvency and viability which has been prepared under the EU/IMF Programme of Support for Ireland and make recommendations to the Minister for Finance regarding any relevant proposals for restructuring as they arise.
The Commission will be required to engage with the Department of Finance, make recommendations and exchange information on legislative proposals during the course of its deliberations. The Commission will, by 30 September 2011, provide an interim report to the Minister for Finance that will contain recommendations regarding the structure and regulation of the credit union sector into the future. It will complete its work with a final report to the Minister for Finance by 31 March 2012 fulfilling the requirements set out under its Terms of Reference.
Membership of the Commission is as follows:
Chairman
Professor Donal McKillop (Professor of Financial Services, School of Management, Queens University, Belfast) and Member of the Credit Union Advisory Committee.
Ordinary members of the Commission on Credit Unions
Mr. Kieron Brennan (Chief Executive Officer, Irish League of Credit Unions)
Ms. Fiona Cullen (Head of Legal Department, Irish League of Credit Unions)
Mr. Billy Doyle (Management Committee, Credit Union Development Association)
Ms. Eileen Fitzgerald (Senior Manager in the Citizen's Information Board, with responsibility for MABS)
Mr. Eamonn Kearns (Financial Services Division, Department of Finance),
Mr. Tom McCarthy (Chief Executive Officer, Irish Management Institute)
Mr. Tim Molan (National Secretary, Credit Union Managers Association)
Mr. Robert Moynihan (Qualified Chartered Accountant and Regulatory Consultant)
Mr. James O’Brien (Registrar of Credit Unions)
Mr. Dan O’Gorman (Solicitor), and
Mr. Joe O Toole (Former Senator).