Download Consultation Paper here CP 76 Consultation on the Introduction of a Tiered Regulatory Approach for Credit Unions

The purpose of this initial consultation paper is to seek views from credit unions and other sector stakeholders on:

-the proposed approach to tiering;
– the high level operation of the tiers, including the activities and services proposed for credit unions in each tier; and
– the appropriate timing for the introduction of a tiered regulatory approach for credit unions.

A further consultation paper, including a Regulatory Impact Analysis, will be issued on the draft regulations that will give effect to the tiered regulatory approach. This consultation will take place following consideration of the submissions received on the initial consultation and further development of the activities and services to be undertaken by each tier.

The consultation paper is structured as follows:
– section 2 looks at the background to the development of the tiered regulatory approach;
– section 3 sets out the purpose of the consultation;
– section 4 provides an overview of the proposed tiered regulatory approach including how it will operate on an on-going basis;
– section 5 sets out details of the proposed activities and services that can be undertaken by credit unions in each tier, including the types of lending and investments;
– section 6 looks at provisioning and provides proposals on the development of a provisioning framework for credit unions; – section 7 sets out the options regarding the timelines for the introduction of the tiered regulatory approach for credit unions, including timelines for consultation and transitional periods;
– section 8 summarises the areas where the Central Bank is seeking views; and
– section 9 sets out how to make submissions to the Central Bank.

Making Submissions

Please make your submissions in writing, if possible electronically as a word document or a .pdf document by email, on or before Monday 31 March 2014.

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 Central Bank intends to make all submissions available on the Central Bank website. Information deemed to be potentially libellous or defamatory will not be published. The Central Bank 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 “Introduction of a Tiered Regulatory Approach for Credit Unions” and sent by email to

In the event that you are unable to send your response electronically, please forward it by post before Monday 31 March 2014 to:

Registry of Credit Unions
Central Bank of Ireland
PO Box 559
Dame Street
Dublin 2

Registry of Credit Unions
23 December 2013 (submission date extended on 24 January 2014)