Minister pauses credit union levies for 'foreseeable future'

Minister of finance Paschal Donohoe said the move 'is subject to certain conditions being met'

The levy was reduced to 0% for 2025 as the fund had reached its target of raising €65m. As of June 30 this year, the value of the fund stood at €65.5m. File picture: Stephen Collins/Collins Photos

Minister of finance Paschal Donohoe has announced the collection of levies on the credit union sector in relation to the Resolution and Stabilisation Fund will be paused for the “foreseeable future”.

The fund was established under the Central Bank and Credit Institutions (Resolution) Act 2011 and was designed to provide a source of funding for the resolution of financial instability of a credit union if it is needed.