Positive review of Central Bank's role in regulating credit unions

Positive review of Central Bank's role in regulating credit unions

An independent, external review of the Central Bank's regulation and supervision of credit unions has found the bank has effectively performs its functions.

However, it has recommended some changes to its supervisory approach, stating that it should engage more with individual credit unions on site.

The Central Bank stated that it is developing an action plan to enhance current practices in the areas of communications and supervision.

Registrar of Credit Unions, Anne-Marie McKiernan said: "We welcome the ICURN team’s assessment that the Central Bank effectively performs its functions in the regulation and supervision of the credit union sector and that we have effectively undertaken the demanding task of introducing a comprehensive regulatory structure for credit unions.

"The Central Bank recognises the importance and benefits of an external review of its regulatory performance in relation to credit unions and we welcome the suggestions of the ICURN team in relation to enhancing our performance as an effective regulator.

"We are developing an action plan to enhance our current practices in the areas referred to in the ICURN team’s recommendations, including communications and guidance issues, and aspects of our supervisory approach.

"We are conscious of the need for clear communication in a time of substantial change for the credit union sector and will endeavour to further develop our communications with credit unions, including through the new on-site engagement model we are developing for 2016 and beyond, and the dialogues on business model development planned to commence later this year.

"The Central Bank wishes to express its appreciation to the ICURN team for carrying out this important piece of work."

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