Credit Unions
Dail Éireann — 2021-12-16
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Sean Fleming (FF), Laois-Offaly

I thank the Deputy. On climate change, credit unions are exceptionally well placed to provide loans for retrofitting schemes for individual houses throughout the country. As regards the common bond, in 2017 CUAC made five recommendations to open up the common bond to assist credit unions in developing their business model and growth potential. Those recommendations included the removal of the anomaly whereby credit unions are prohibited from introducing businesses to each other but can introduce businesses to other financial institutions. Any changes to the common bond should happen promptly and the rules regarding common bonds should be made clearer and be better communicated. In most cases the arrangements for common bonds have been in place for a significant period of time and not many people know the particular boundaries in that regard. CUAC made those recommendations but they were not progressed at the time because there was resistance in the area. I will have recommendations in the early part of next year, certainly early in the first quarter.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/dail/2021-12-16/debate/main
Retrieved: 2026-08-14T04:49:59+00:00
Sitting date: 2021-12-16