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levy

Sep 27 2021

Credit Union Sector Levy Regulations 2021

By News

The Minister of State, Sean Fleming T.D today, 27th September 2021, issued a press release on the Credit Union Levies for 2021. Commenting on this Kevin Johnson, CEO of the Credit Union Development Association, stated:

We note that the Minister has decided to continue with the levies for Resolution and for Stabilisation at the previous years levels.  It is disappointing that the Minister deems it appropriate to continue to charge a levy for stabilisation as no financial assistance has been provided to credit unions under the Stabilisation Scheme to date and no applications for such support have been made by a credit union.

While CUDA continues to support the purpose of a stabilisation fund, we believe the fund has reached an optimum size and therefore the Stabilisation Fund Levy should be set at 0%.

Oct 09 2020

CUDA Welcomes Reduction in Levies

By News

CUDA welcomes the announcement by the Minister for Finance of reductions in the 2021 levies for both the Credit Institution Resolution Levy [down c6%] and the Credit Union Stabilisation Levy [down c90%].  In particular, we appreciate Minister Donohoe’s decision to heed our concerns in relation to the Stabilisation Fund levy.

While CUDA continues to support the purpose of a Stabilisation Fund, as it currently stands it has yet to be claimed against as it is both difficult and costly to access.  CUDA did propose that the target size of the Fund should now be regarded as succeeded and therefore the levy be set at 0%, and we requested the Minister to carry out a review of the Scheme to see how it might be improved.

We look forward to its criteria and status being included in the upcoming Review of the Policy Framework for Credit Unions under the Programme for Government.