merrion street

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.