The Minister for Finance has signed an Order bringing Part 3 of the Central Bank Reform Act 2010, as it applies to and in relation to credit unions, into operation from 24th September 2012. From that date, the Central Bank of Ireland will have powers to set out regulations and a code of fitness and probity for credit unions but the Central Bank intends to introduce the new standards on a phased basis beginning by the end of 2012.

The Minister for Finance has also signed an Order commencing Section 4 of the Financial Services (Deposit Guarantee Scheme) Act 2009 for credit unions and has appointed a commencement date of 30th November 2012. From that date, each credit union will be required to maintain in the Deposit Protection Account at the Central Bank of Ireland, an amount equal to 0.2% of the deposits and shares held on behalf of members.