News

Minister for Finance commences certain governance sections of the Credit Union and Co-operation with Overseas Regulators Act 2012

On 27 February 2014 the Minister for Finance signed an Order commencing certain provisions of the Credit Union and Co-operation with Overseas Regulators Act 2012 effective 3 March 2014 (press release).

Such provisions relate to the size and composition of the board of directors, the method of election of members of the board, their term of office, re-election of retiring directors, exclusions from the board of directors, requirement to submit an annual compliance statement to the Central Bank of Ireland and procedural provisions of the Board Oversight Committee.

The Governance chapters of the Credit Union Handbook and Frequently Asked Questions document have been updated accordingly.

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