On 1 July 2013 the Minister for Finance, Mr Michael Noonan TD, published the implementation plan for outstanding sections of the Credit Union and Co-operation with Overseas Regulators Act 2012. This will allow time for credit unions to prepare for the changes that are required by the Act. Publication of this plan coincides with the publication by the Central Bank of a handbook to assist credit unions by bringing a number of legal and regulatory requirements and guidance that apply to credit unions together in one place.
A number of sections, mainly in relation to restructuring and stabilisation, have already commenced since 1 January 2013. The implementation plan provides for the remaining sections to be commenced broadly over four dates including prudential measures beginning commencement in quarter 2 2014.