Minister for Finance, Mr Michael Noonan TD, is inviting submissions from interested parties on the General Scheme of the Credit Union Bill 2012 to help inform the development of the legislation. The General Scheme reflects the recommendations made by the Commission on Credit Unions in its Report published on April 18 2012.
The deadline for receipt of submissions is August 10 2012.
The Minister also invites interested parties to make submissions on the making of regulations to introduce a resolution levy on authorised credit institutions.
The Central Bank and Credit Institutions (Resolution) Act 2011 (“CBCIR”) requires that the Minister for Finance make regulations prescribing the rate of contribution or a method of calculating the rate of contribution to the Credit Institutions Resolution Fund (“The Fund”).
Confirmation of the form of the regulations will be subject to formal consultation with the Governor of the Central Bank and the final decision of the Minister.
The closing date for responses to this consultation is July 27, 2012.