Dáil Éireann Debate, Tuesday - 1 July 2025
270. Deputy Pearse Doherty asked the Minister for Finance his views on the Credit Institutions Resolution Fund levy paid by credit unions; the amount that has been collected each year by the fund since its inception, his plans for the future of the levy; and if he will make a statement on the matter. [35784/25]
View answerThe purpose of the Credit Institutions Resolution Fund (CIRF) is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, a credit union.
See below, in tabular format, the amount that has been collected each year by the Resolution Fund since its inception. Data has been extracted from the annual CIRF audited accounts.
|
Year |
Amount collected (millions) |
|
2012 |
€2.445 |
|
2013 |
€9.621 |
|
2014 |
€9.299 |
|
2015 |
€7.310 |
|
2016 |
€7.659 |
|
2017 |
€8.099 |
|
2018 |
€8.587 |
|
2019 |
€7.939 |
|
2020 |
€4.996 |
|
2021 |
€5.001 |
|
2022 |
€5.000 |
|
2023 |
€4.370 |
|
2024 |
€1.870 |
|
Total |
€82.196 |
In 2023, the then Minister of State and Minister for Finance requested the Department of Finance to complete a comprehensive review of the Resolution Fund. In July 2024, the consultation paper was published.
The Stakeholders consulted included: the Central Bank of Ireland, the Irish League of Credit Unions (“ILCU”), the Credit Union Development Association (“CUDA”), the Credit Union Managers Association (“CUMA”), the National Supervisors Forum (“NSF”) and a random selection of 20 credit unions operating in the Republic of Ireland as of 26 April 2024. The consultation paper was published on the Departmental website and any credit union not randomly selected was free to make a submission on the consultation.
The consultation closed on 27 September 2024. Since then, officials have been engaged with the European Commission on some technical queries arising from the consultation on the Resolution Fund. Officials are now approaching the end of that process and following that, will complete the Feedback Statement and draft recommendations for consideration by myself and the Minster for State. I hope to conclude this consultation process shortly.
