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Institutions

CREDIT Unions will be subject to a new tailored 'fitness and probity' regime, which was announced by the Central Bank.

A total of 13 submissions from members of the public, individual credit unions and accounting bodies were received by the Central Bank.

Registrar of Credit Unions, Sharon Donnery, said that the new regime will be implemented on a phased basis to allow organisations to introduce internal controls and procedures.

The first phase will apply to credit unions with total assets greater than €10m from August 1.

Improve

"The introduction of a fitness and probity regime for credit unions will help improve governance standards at board and management levels and will complement the new governance framework for credit unions set out in the Credit Union and Co-operation with Overseas Regulators Act 2012," Ms Donnery said.

Existing and new officers in pre-approval controlled functions (PCFs) will be subject to the regulations and standards.

And from November 1, new appointments to controlled functions (CFs) will be subject to the regulations and standards.

Regulations and standards will apply to all officers in existing CFs from August.

The second phase will begin two years later, on August 1, 2015, when all remaining credit unions will be brought within the scope of the regime, with similar transitional arrangements.


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