Publication of Department of Finance Final Section 43 Review of the Credit Union Restructuring Board - ReBo
The Department of Finance has published a Report, carried out under section 43 of the Credit Union and Co-Operation with Overseas Regulators Act 2012. This Report, which was approved by the former Minister for Finance, Michael Noonan TD, provides a final review of the work of the Credit Union Restructuring Board – ReBo.
A core recommendation of the Commission on Credit Unions was that restructuring be carried out in a voluntary, incentivised and time-bound manner. In line with this recommendation ReBo was established on a time-bound basis to oversee and facilitate restructuring of the credit union sector.
The report provides a detailed analysis of the financial position of credit unions from 2006 to 2016, it sets out ReBo’s obligations under the 2012 Act and its requirements as recommended by the Commission on Credit Unions and also outlines the significant work ReBo has carried out since its establishment on a statutory basis on 1 January 2013.
The report concludes that taking account of ReBo’s functions, following an in-depth examination and a detailed analysis, this final review under section 43(2)(b), clearly demonstrates that ReBo has completed the performance of its functions with positive results. The orderly wind down of ReBo is now recommended and the Chairman and the Board of ReBo have been advised of this decision. Legislation will be brought forward in due course to allow for the formal dissolution of ReBo.
Commenting on the publication of today’s report, Ms Ann Nolan, Second Secretary of the Department of Finance stated:
“I welcome this comprehensive report which provides a detailed financial analysis of the credit union sector, together with an evaluation of ReBo’s commendable work over its short life-time.
I am very pleased that ReBo has completed its restructuring work in a methodical, pragmatic and enthusiastic manner and in so doing established and maintained close engagement with individual credit unions and the sector generally. The story of ReBo is unquestionably a good news story, given its short life span, the high level of restructuring projects it has overseen and facilitated, and with minimal draw-down from the Credit Union Fund. The fact that the sector itself has funded much of the cost of restructuring under ReBo is also admirable. I would like to thank the Board and staff of ReBo, who, under the guidance and expertise of its Chairman Mr Bobby McVeigh, started from scratch to accomplish an enormous amount in a relatively short period of time and at minimal cost to the taxpayer.”
16 June, 2017