Central Bank legislation and Newbridge Credit Union
Deputy Adams asks whether new banking legislation is needed after a bank was appointed to run Newbridge Credit Union; the Tánaiste says existing legislation enabled the action and consolidation legislation is due next year.
In the context of the proposed Central Bank (consolidation) Bill, does the Tánaiste believe new banking legislation is needed in light of the appointment of a bank to run Newbridge credit union? If such a change is not needed, will the Tánaiste give an assurance that the State will work with the credit union movement if other problems arise to find a credit union-based solution?
Comment on this
The Central Bank (consolidation) Bill, which will consolidate the body of legislation relating to the Central Bank into a single statute - this is desirable given the amount of banking legislation we have had in recent years - is to be published next year. Action has been taken in relation to Newbridge credit union under the existing legislation.