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Commission on Credit Unions welcomes the Third Update to the EU/IMF Programme of Financial Support for Ireland
The Commission on Credit Unions today welcomed the revised EU-IMF Programme of Financial Support for Ireland of 28 November 2011.
This revised EU-IMF programme:
Extends the date for publication of credit union legislation from end-2011 to June 2012; and
Includes a commitment to initial resolution funding for Credit Unions of up to €250 million in 2011, if needed. This will be based on a principle of recoupment over the medium term via a levy under the Central Bank and Credit Institutions (Resolution) Act 2011.
The Chair of the Commission on Credit Unions, Professor Donal McKillop said:
"These changes to the EU/IMF programme are very welcome from a credit union point of view. The June 2012 date for publication of the credit union legislation will allow the time needed for consultation and will enable further recommendations from the Commission on Credit Unions to be taken on board."
The commitment to provide for resolution funding will allow the Central Bank to use its powers under the Central Bank and Credit Institutions (Resolution) Act 2011.
The Interim report of the Commission on Credit unions was published in October 2011 and the Commission intends to submit its final report to the Minister for Finance by end-March 2011.