The Credit Union Restructuring Board “ReBo” was established on 1st January 2013 in accordance with the Credit Union and Co-operation with Overseas Regulators Act 2012 as the statutory body responsible for facilitating and overseeing the restructuring of credit unions to support their financial stability and long term sustainability. The 2012 Act was the product of extensive engagement within the credit union movement through the Commission on Credit Unions whose report set out recommendations for the voluntary consolidation or restructuring of the credit union sector over time, recognising the need to maintain local presence and taking into account the credit unions’ not-for-profit mandate, their volunteer ethos and community focus.
The enactment of the 2012 Act cleared the way for €250 million to be contributed by the Government to a Credit Union Fund created under the legislation. This funding will support the restructuring process and underpin the stability of the credit union sector by providing a source of funds to meet half of the expenses of ReBo in discharging its functions and a source of recoupable financial support to credit unions for capital or other funding requirements identified as part of a restructuring proposal.
BOARD & STAFF
The work of ReBo is overseen by a Board appointed by the Minister for Finance. The Board has twelve members comprised from the credit union representative bodies, the Central Bank of Ireland, the Department of Finance, independent members and for continuity purposes a member of the Commission on Credit Unions. The Board is chaired by Mr Bobby McVeigh, whose experience spans 40 years in the international credit union movement.
ReBo has a full time executive staff led by its Chief Executive, Mr John Doyle. Staff in the Restructuring Team actively engage with credit unions on the ground with a view to formulating restructuring proposals for submission to the Board of ReBo for consideration and onward recommendation to the Central Bank for regulatory approval and, where necessary, to the Minister for Finance for funding approval.