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Finance Minister Michael Noonan today welcomed publication by the Commission on Credit Unions of its Report on the future of the credit union movement. The Minister commended the Commission for their professional approach to the review of the sector.

Minister Noonan said:

The Commission on Credit Unions has provided a landmark Report with far reaching recommendations to restructure the Irish credit union sector and strengthen its legislative and regulatory framework. Its recommendations will influence the shape of the credit union sector for many years to come. I will now examine the Report in detail and will be informed by its recommendations in the preparation of reformed credit union legislation at an early date.

I welcome this Report. The work of the Commission will inform Government policy on credit unions for the foreseeable future. I commend the Commission on their comprehensive report and on meeting the deadline of 31 March which I set for its submission.

The Report incorporates the recommendations of the Commission’s Interim Report, published in October 2011, with regard to deposit protection, resolution, stabilisation, and liquidity and initial recommendations on legislation, regulation and governance. The key recommendations are in relation to sector restructuring, the details of the proposed new legislative and regulatory framework, and new governance requirements for credit unions.

The Minister proposes that legislation incorporating the key recommendations of the Report will be published at the end of June.