On 23 December, 2013 the Central Bank of Ireland published a Consultation Paper (CP76) on the introduction of a Tiered Regulatory approach for Credit Unions. This approach was one of the Recommendations contained in the Report of the Commission on Credit Unions March 2012. The Central Bank is seeking to develop a tiered regulatory approach that supports the operation of financially sound and well governed credit unions and facilities the prudent development of the credit union sector, within an appropriate regulatory framework. This is an initial consultation paper on the tiered regulatory approach which seeks views from credit unions and other sectors stakeholders on:
- the proposed approach to tiering;
- the high level operation of the tiers, including the activities and services proposed for credit unions in each tier;
- proposals on a provisioning framework for credit unions;
- the appropriate timing for the introduction of a tiered regulatory approach for credit unions.
Interested parties are asked to make submissions on the public consultation by 28 February 2014.