Dáil Éireann Debate, Tuesday - 24 June 2025
291. Deputy Cian O'Callaghan asked the Minister for Finance the timeline for the commencement of the regulations increasing credit union lending capacity; and if he will make a statement on the matter. [33537/25]
Amharc ar fhreagraI thank the Deputy for his question.
The Central Bank published Consultation Paper 159 on Proposed Changes to the Credit Union Lending Regulations (www.centralbank.ie/publication/consultation-papers/cp159-consultation-on-proposed-changes-to-the-credit-union-lending-regulations) (CP159) in December 2024 which sought views on proposals for targeted changes to the credit union lending regulations contained in the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (the 2016 Regulations). This consultation was open for submissions until 11 February 2025.
The Central Bank has advised that in accordance with the requirement under section 84A of the Credit Union Act, 1997 it intends to commence a statutory consultation process on the relevant draft Amending Regulations with the Minister for Finance, the Credit Union Advisory Committee and credit union bodies shortly.
Following completion of the statutory consultation process, the Central Bank intends to publish a feedback statement on CP159 and a draft of the Amending Regulations.
On the assumption that there are no material issues/ changes raised during the statutory consultation process, the Central Bank expects that the final Amending Regulations, when made, will come into effect during Q3 this year.
