151. Deputy Willie Penrose asked the Minister for Finance in the context of recent submissions and consultations with all of the stakeholders associated with the broader credit union movement, if he will now take steps to defer the implementation of the CP88 regulations, which the Central Bank of Ireland is intent on imposing on the credit unions, which will ultimately undermine the development of safe and vibrant credit unions, and which, as currently drafted, will impose lending restrictions on amounts and terms, saving restrictions, investment restrictions, liquidity restrictions and impose a one-size-fits all approach in terms of a regulatory reserve ratio of at least 10% of total assets rather than a risk-based reserve assessment, and which, in effect, undermines the ethos of member-owned co-operatives; and if he will make a statement on the matter. [45042/15]

Summary

151. Deputy Willie Penrose asked the Minister for Finance in the context of recent submissions and consultations with all of the stakeholders associated with the broader credit union movement, if he will now take steps to defer the implementation of the CP88 regulations, which the Central Bank of Ireland is intent on imposing on the credit unions, which will ultimately undermine the development of safe and vibrant credit unions, and which, as currently drafted, will impose lending restrictions on amounts and terms, saving restrictions, investment restrictions, liquidity restrictions and impose a one-size-fits all approach in terms of a regulatory reserve ratio of at least 10% of total assets rather than a risk-based reserve assessment, and which, in effect, undermines the ethos of member-owned co-operatives; and if he will make a statement on the matter. [45042/15]

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• Credit Union Regulation

  xml · EN · 15 December 2015

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