Public Consultation - Credit Institutions Resolution Fund

The Department of Finance, in collaboration with the Central Bank of Ireland (the “Central Bank”), is publishing this consultation paper to consult on potential changes to funding of the resolution regime for credit unions.

Please make your submissions in writing, if possible electronically by email, on or before Friday, 9th August 2019.

The Department of Finance is seeking industry views on the proposal set out in Section 5.3 of this paper. In particular, submissions are welcome on:

i. The appropriateness of determining a fixed target level as opposed to a target level relative to a benchmark, in order to bring clarity to the sector and a potential end date for ex-ante contributions;

ii. The inclusion of a buffer to reduce the likelihood of requiring additional contributions from the sector; and

iii. The proposal to have an annual levy contribution of approximately €6 million for a period of five years, assuming no material resolutions actions, which would therefore imply the levy rate would be adjusted annually depending on movements in assets to allow for a build-up to €65 million by 2024.

When addressing the questions raised in this Consultation Paper, please use the relevant section heading to identify the section you are referring to and clearly set out the basis for your views.

The Department of Finance intends to make all submissions available on the Department of Finance website.

Information deemed to be potentially libelous or defamatory will not be published. The Department of Finance will accept no liability in respect of any information provided which is subsequently released, or in respect of any consequential damage suffered as a result.

Submissions should be marked “Resolution Fund Consultation” and sent by email to: creditunions@finance.gov.ie

In the event that you are unable to send your response electronically, please forward it by post before Friday, 9th August 2019 to:

Credit Union Policy Team

Department of Finance

Miesian Plaza,

50-58 Baggot Street Lower,

Dublin 2,

D02XW14