547. Deputy Peter 'Chap' Cleere asked the Tánaiste and Minister for Finance if credit unions are required to submit a return to the Revenue Commissioners in relation to the Foreign Account Tax Compliance Act (FATCA) by the 30 June deadline; and if he will make a statement on the matter. [42406/26]

I thank the Deputy for his question. I am advised by Revenue that credit unions will generally not be required to submit a return in relation to Foreign Account Tax Compliance Act (FATCA). This is because credit unions will usually meet the criteria of a Self-Certified Deemed Compliant Financial Institution.

Under that classification, credit unions are considered to be non-registering local banks i.e. a Financial Institution that is licensed and regulated by the Central Bank, operates solely in Ireland and complies with the following conditions:

The Financial Institution operates solely as, and is licensed and regulated under, the laws of Ireland, as a bank, or a credit union or similar co-operative credit organisation that is operated without profit.

The Financial Institution’s business consists primarily of receiving deposits from and making loans to unrelated retail customers.

The institution does not have a fixed place of business outside of Ireland.

The institution does not solicit customers or Account Holders outside of Ireland.

The Financial Institution does not have more than $175 million in assets on its balance sheet and, if the institution is a member of an expanded affiliated group, the group does not have more than $500 million in total assets on its consolidated or combined balance sheets.

With respect to a Financial Institution that is part of an expanded affiliated group, each member of the expanded affiliated group is incorporated or organised in Ireland and does not have a fixed place of business outside of Ireland.

If a credit union does not meet these conditions, it may be required to submit a return in relation to FATCA.