Credit unions should be reassured by changes to Credit Institutions Bill  – Conlan

Friday, October 7th 2011

Fine Gael Cavan/Monaghan TD, Sean Conlan, has said that proposed amendments to the Credit Institutions Bill should help to ease the concerns of credit union members across the country, as well as in Cavan/Monaghan where the movement is particularly strong.

“Credit Union officials and members have voiced their concern about the powers of the regulator, who can intervene when risks or problems are building up. Taking these concerns on board, and following meetings with representatives from the credit union movement, the Minister for Finance is proposing to make changes to the Bill, which aims to safeguard troubled credit unions.

“These amendments will mean that any intervention by the regulator will focus clearly on credit unions that are in difficulty.

“The serious situation facing the credit union movement was further underlined by the announcement from the Minister that up to €1 billion may need to be injected to re-capitalise credit unions. With the Government prepared to offer such high financial support, an adequate regulatory regime is undoubtedly necessary.

“I am confident that the proposed amendments to the Credit Institutions Bill are positive news for the many credit union members and staff in the Cavan/Monaghan constituency and should safeguard the community ethos on which credit unions were founded by securing their long-term future.”

Fine Gael Cavan/Monaghan TD, Sean Conlan, has said that proposed amendments to the Credit Institutions Bill should help to ease the concerns of credit union members across the country, as well as in Cavan/Monaghan where the movement is particularly strong.

“Credit Union officials and members have voiced their concern about the powers of the regulator, who can intervene when risks or problems are building up. Taking these concerns on board, and following meetings with representatives from the credit union movement, the Minister for Finance is proposing to make changes to the Bill, which aims to safeguard troubled credit unions.

“These amendments will mean that any intervention by the regulator will focus clearly on credit unions that are in difficulty.

“The serious situation facing the credit union movement was further underlined by the announcement from the Minister that up to €1 billion may need to be injected to re-capitalise credit unions. With the Government prepared to offer such high financial support, an adequate regulatory regime is undoubtedly necessary.

“I am confident that the proposed amendments to the Credit Institutions Bill are positive news for the many credit union members and staff in the Cavan/Monaghan constituency and should safeguard the community ethos on which credit unions were founded by securing their long-term future.”