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Central Bank publishes consultation paper on new regulations for credit unions

The Central Bank of Ireland today published Consultation Paper 88 on new regulations for credit unions.View Consultation Paper 88 here.

The proposed regulations cover a number of areas including, reserves, liquidity, lending, investments, savings and borrowings, and build upon existing prudential and governance requirements.

Registrar of Credit Unions, Anne-Marie McKiernan said: ‘these regulations will foster a safer stronger credit union sector, through an enhanced regulatory framework. The regulations reflect existing requirements, some of which have been amended, and also propose a number of additional requirements.’

The draft regulations take account of feedback received on the Consultation on the Introduction of a Tiered Regulatory Approach for Credit Unions (“CP76”).

It is proposed the new regulations will come into effect at the end of 2015 to coincide with the commencement of the remaining sections of the Credit Union and Co-operation with Overseas Regulators Act 2012.

Interested parties are asked to make submissions on the public consultation by 27 February 2015. Submissions received, along with a feedback statement, will be published on www.centralbank.ie following the consultation period.

As part of the consultation process the Central Bank will hold a series of nationwide information seminars over the next two weeks to inform and engage with credit unions.

Any queries in relation to this consultation paper should be directed to rcuconsultation@centralbank.ie