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03/13/2019 12:00:00 AM


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D'Arcy, Michael

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Bills

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Credit Union Restructuring Board (Dissolution) Bill 2019

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Second Stage

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Credit Union Restructuring Board (Dissolution) Bill 2019\Second Stage
Bills\Credit Union Restructuring Board (Dissolution) Bill 2019\Second Stage

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Credit Union Restructuring Board (Dissolution) Bill 2019

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Second Stage (Resumed)

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Senator


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Minister of State at the Department of Finance (Deputy Michael D'Arcy)

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Minister of State at the Department of Finance (Deputy Michael D'Arcy)

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Michael D'Arcy

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Snippet Contents:

The role of Credit Union Restructuring Board, or ReBo, was to plan for the restructuring of the credit union sector, engage with and assist credit unions in the preparation of restructuring plans, consider and decide on restructuring plans submitted to it by, or on behalf of, credit unions, oversee the implementation of restructuring plans including the provision of post-restructuring support and oversee the operational functions of ReBo. Following on from ReBo's role in the restructuring process, the Commission on Credit Unions recommended that any restructuring proposals must have the endorsement of the ReBo board before being submitted to the Central Bank for regulatory approval, funding requirements should be determined based on credit union assessments and funding should be provided from one of three sources in the following order: excess capital from within participating credit unions, the sector itself, or Exchequer funding on a recoupable basis.