Credit Unions

Dáil Éireann Debate, Thursday - 19 December 2013

Thursday, 19 December 2013

Questions (94)

Heather Humphreys

Question:

94. Deputy Heather Humphreys asked the Minister for Finance if his attention has been drawn to the fact that some accountancy firms are selling their services to credit unions on the basis that they are the preferred providers of accountancy services of the Central Bank and as a consequence of employing them the credit union will receive a more favoured outcome in their dealings with the Central Bank; and if he will make a statement on the matter. [54921/13]

Written answers

Minister for Finance

I have been advised by the Central Bank that there is no Central Bank list of preferred providers of accountancy services for credit unions, nor is it aware of the practice described in the Question.

I have been further informed by the Central Bank that, where it identifies issues which require action, it may require the credit union to appoint an independent third party firm to carry out certain work in accordance with specified terms of reference. In such cases the Central Bank would expect the firm to have the necessary skills, expertise and resources to carry out the required work in accordance with the terms of reference.

Question No. 95 answered with Question No. 81.