Brendan Burgess
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Press release 27 November 2014
Registrar of Credit Unions, Anne-Marie McKiernan said: ‘these regulations will foster a safer stronger credit union sector, through an enhanced regulatory framework. The regulations reflect existing requirements, some of which have been amended, and also propose a number of additional requirements.’
The draft regulations take account of feedback received on the [broken link removed]
It is proposed the new regulations will come into effect at the end of 2015 to coincide with the commencement of the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012.
Interested parties are asked to make submissions on the public consultation by 27 February 2015. Submissions received, along with a feedback statement, will be published on www.centralbank.ie following the consultation period.
As part of the consultation process the Central Bank will hold a series of nationwide information seminars over the next two weeks to inform, and engage with, credit unions.
Any queries in relation to this consultation paper should be directed to [email protected]
Notes to Editor
The Report of the Commission on Credit Unions made a number of recommendations regarding the strengthening of the regulatory framework for credit unions. The Commission on Credit Unions also recommended that regulation making powers be delegated to the Central Bank. Many of these recommendations were reflected in the Credit Union and Co-operation with Overseas Regulators Act 2012 (the 2012 Act), which was enacted on 19 December 2012.
The introduction of the strengthened regulatory framework began on 1 August 2013 and since then most of the sections of the 2012 Act have commenced. When the remaining sections of the 2012 Act commence they will replace, amend or supplement existing sections of the Credit Union Act, 1997. The introduction of these new sections will remove some of the requirements, including limits, which currently exist in these sections and will give the Central Bank the power to make regulations.
The planned schedule of 2014 information seminars is set out below. These sessions are open to both board members and employees of credit unions.
Press release 27 November 2014
The Central Bank of Ireland today published [broken link removed]on new regulations for credit unions.
The proposed regulations cover a number of areas including, reserves, liquidity, lending, investments, savings and borrowings, and build upon existing prudential and governance requirements.Registrar of Credit Unions, Anne-Marie McKiernan said: ‘these regulations will foster a safer stronger credit union sector, through an enhanced regulatory framework. The regulations reflect existing requirements, some of which have been amended, and also propose a number of additional requirements.’
The draft regulations take account of feedback received on the [broken link removed]
It is proposed the new regulations will come into effect at the end of 2015 to coincide with the commencement of the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012.
Interested parties are asked to make submissions on the public consultation by 27 February 2015. Submissions received, along with a feedback statement, will be published on www.centralbank.ie following the consultation period.
As part of the consultation process the Central Bank will hold a series of nationwide information seminars over the next two weeks to inform, and engage with, credit unions.
Any queries in relation to this consultation paper should be directed to [email protected]
Notes to Editor
The Report of the Commission on Credit Unions made a number of recommendations regarding the strengthening of the regulatory framework for credit unions. The Commission on Credit Unions also recommended that regulation making powers be delegated to the Central Bank. Many of these recommendations were reflected in the Credit Union and Co-operation with Overseas Regulators Act 2012 (the 2012 Act), which was enacted on 19 December 2012.
The introduction of the strengthened regulatory framework began on 1 August 2013 and since then most of the sections of the 2012 Act have commenced. When the remaining sections of the 2012 Act commence they will replace, amend or supplement existing sections of the Credit Union Act, 1997. The introduction of these new sections will remove some of the requirements, including limits, which currently exist in these sections and will give the Central Bank the power to make regulations.
The planned schedule of 2014 information seminars is set out below. These sessions are open to both board members and employees of credit unions.