Dáil Éireann Debate, Tuesday - 17 February 2026
461. Deputy Cian O'Callaghan asked the Tánaiste and Minister for Finance the current situation and sanction if a central union infringes another credit unions common bond as defined under the Credit Union Act 1997 as amended; and if he will make a statement on the matter. [11730/26]
Amharc ar fhreagraCredit unions in Ireland are regulated and supervised under the Credit Union Act, 1997 (the 1997 Act) and regulations issued by the Central Bank of Ireland (Central Bank), which set out the framework for the registration, regulation and operation of credit unions.
Each credit union has a common bond that establishes the basis for membership (e.g. members within a community or a workplace). Credit unions can offer services to members that exist within their common bond or to the members of another credit union where the member is referred by that other credit union in accordance with section 51A of the 1997 Act.
An individual credit union may seek to change its common bond subject to the legislative requirements set out in the 1997 Act. Section 14 of the 1997 Act outlines the steps which a credit union must follow to amend its registered rules which includes passing a resolution. Provided the common bond of a credit union meets the requirements of the 1997 Act, it may overlap with another credit union's common bond.
The Central Bank has a range of enforcement tools available to facilitate timely corrective action when it appears that a credit union is not complying with laws, regulations or required actions, and that enforcement action is justified. The Central Bank may take a number of actions including requiring more frequent reporting, issuing Risk Mitigation Programmes (RMPs), giving regulatory directions, using sectoral specific supervisory powers or the imposition of administrative sanctions.
