The 1st of October 2013 was the commencement date for certain sections of the Credit Union and Co-operation with Overseas Regulators Act 2012 relating to Governance and prudential requirements for credit unions in Ireland.

These include a new governance framework introduced in Part IV of the 1997 Act.

The main-points of this Framework include;

• Governance arrangements to ensure effective oversight of the credit union

• That the Board remains responsible for the general control, direction & management of the credit union.

• The separation of responsibilities for oversight and execution within the credit union.

• A clear organisational structure that documents roles & responsibilities.

• The framework also sets out the governance structure for the credit union including the functions & operation of the:

  • Board of Directors
  • Chair

  • Manager

  • Board Oversight Committee

  • Nomination Committee

  • Other Board Committees

The Act also requires the board of directors to appoint a compliance officer and a risk management officer to manage the compliance and Risk Management Function of the credit union.

Duffy & Company Advisors • Accountants • Auditors have been providing professional services to credit unions for over 40 years.

If you would like to contact us please email us at info@duffyco.ie