The Central Bank has announced that it is introducing a new Fitness and Probity Regime for credit unions. The new regime will come into effect on 1 August 2013 and it will be phased in, with full implementation expected by 1 August 2016.
The implementation is planned to take place in two phases as follows:
- The first phase will begin on 1 August 2013, and will introduce fitness and probity requirements for those credit unions with total assets of greater than €10 million; and
- The second phase will commence on 1 August 2015, when all remaining credit unions will be brought within the scope of the regime.
According to the Central Bank, on 1 August 2015, credit unions that are also authorised as retail intermediaries will become subject to the fitness and probity regime that applies to other retail intermediaries.