Dáil Éireann Debate, Tuesday - 1 July 2025
268. Deputy Pearse Doherty asked the Minister for Finance if he will bring forward a service level agreement between the Central Bank and the credit union movement as discussed during the Credit Union (Amendment) Act 2023 legislative process; and if he will make a statement on the matter. [35780/25]
View answerIn conjunction with the Credit Union (Amendment) Act 2023, a number of non-legislative actions were agreed in order to encourage transparency of regulatory engagement. One of these actions was the development of an Enhanced Engagement Protocol between the Central Bank and the credit union sector.
Throughout the Credit Union (Amendment) Act 2023 legislative process the Central Bank has been and still are very open to engagement and consultation with the sector.
The Central Bank has published an Open & Engaged Charter 2024-2026 which highlights the critical priority for the Central Bank to listen to stakeholders and engage in dialogue and learning. The Registry of Credit Unions (the Registry), the division within the Central Bank with primary responsibility for the registration and supervision of credit unions, guided by the Open & Engaged Charter, engages in a clear, open and transparent manner both with individual credit unions and credit unions as a collective. The Registry advises that it is currently drafting a Credit Union-specific engagement charter.
The Registry supports the sector through regular stakeholder engagement grounded in its statutory mandate, without impacting on the statutory independence of the Central Bank in the performance of its functions, or in the exercise of its powers in relation to credit unions.
Implementation of the Credit Union (Amendment) Act 2023, and the non-legislative actions to encourage transparency of regulatory engagement are critically important for the development of the credit union sector. It is for this reason that the Credit Union Advisory Committee (CUAC) has been requested by me to complete a series of reviews to assess progress with implementation. CUAC's reports will include review of the non legislative actions such as the Engagement Protocol.
CUAC's initial report dated 29 November 2024 noted that the Central Bank and the Representative Bodies 'welcome the development of an Enhanced Engagement Protocol between the Central Bank and the credit union sector and intend to engage on it during 2025'.
CUAC will continue to monitor all aspects of implementation of the Credit Union (Amendment) Act 2023, and associated non-legislative actions, and inform me accordingly.
