Tánaiste and Minister Troy Provide Update on Credit Union Resolution and Stabilisation Funds
-
From: Department of Finance
- Published on: 13 March 2026
- Last updated on: 13 March 2026
- €10m repayment marks end of Exchequer funding Credit Institutions’ Resolution Fund (CIRF)
- Nil levy for the sector to contribute to the Resolution and Stabilisation Funds to 2029 approved in September 2025
The Tánaiste and Minister for Finance, Simon Harris TD, and Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD, today (Friday, 13th March 2026) announced two key developments in relation to the credit union sector.
These developments relate to the published recommendations on the Credit Union Resolution and Stabilisation Funds following a review and public consultation on the future use and structure of the Funds for the credit union sector.
- Publication of Stabilisation Fund Process Note and FAQ
A new information note and Frequently Asked Questions (FAQ) document on the Credit Union Stabilisation Fund has been published. These were developed in collaboration with the Central Bank of Ireland and following consultation with the Credit Union Advisory Committee (CUAC).
The information note and FAQ aim to provide clarity on the purpose of the Stabilisation Fund, the criteria for accessing it, and the conditions attached to funding. This was a key recommendation of the comprehensive review of the Stabilisation Fund, which highlighted the need for greater awareness and transparency around the fund’s operation. - Repayment of €10 Million Advance from the Credit Institutions’ Resolution Fund (CIRF) to the Exchequer
In November 2025, the Central Bank returned €10 million from the Credit Institutions’ Resolution Fund (CIRF) to the Central Fund.
This repayment represents the final portion of the €250 million advance originally provided by the Minister for Finance in 2011 to support resolution actions under the Central Bank and Credit Institutions (Resolution) Act 2011. €240 million of this advance was repaid in 2018, and the remaining €10 million has now been returned on the basis that the CIRF reached its target size of €65 million in 2025.
These measures reflect the Department’s ongoing commitment to ensuring stability and resilience within the credit union sector while safeguarding public funds.
Tánaiste and Minister for Finance, Simon Harris TD, commented:
"These developments reflect our commitment to maintaining stability and resilience within the credit union sector while ensuring that public funds are managed responsibly. The publication of the Stabilisation Fund FAQ will provide clarity and transparency for credit unions, and the repayment of the remaining €10 million to the Exchequer marks the successful conclusion of the Exchequer’s role in funding the CIRF."
Minister of State for Financial Services, Credit Unions, and Insurance, Robert Troy TD, welcomed the news saying:
"Clear and accessible information is essential for credit unions to understand the resources available to them should they find themselves in difficulty. The Stabilisation Fund FAQ published today provides clarity on how the fund operates and gives practical guidance on how a credit union can access it. The repayment of the €10 million from the CIRF represents an important milestone for the credit union sector. The setting of a nil levy for the Resolution and Stabilisation Funds out to 2029 reflects the progress the sector has made with their capitalisation requirements.”
Credit Union Stabilisation Fund Process Note and FAQ - March 2026
ENDS
Notes to Editor
Credit Union Stabilisation Fund
The Stabilisation Fund was established under the Credit Union and Co-operation with Overseas Regulators Act to provide support to viable but undercapitalised credit unions facing short-term financial difficulties. It is funded through mandatory contributions from credit unions.
The Minister for Finance approves an annual levy on the sector for this purpose. Following a detailed review completed in 2025, the Minister approved a nil levy for the period 1 October 2025 to 30 September 2029, subject to compliance with a number of conditions. The newly published FAQ document aims to raise awareness of the fund and clarify the criteria for accessing support.
Credit Institutions’ Resolution Fund (CIRF)
The Central Bank and Credit Institutions (Resolution) Act 2011 established a resolution regime for credit institutions and credit unions in Ireland. The Credit Institutions Resolution Fund (CIRF) was established under this legislation to support resolution actions in the State and is managed and administered by the Central Bank.
The purpose of the CIRF is to provide a source of funding for the resolution of financial instability in, or an imminent serious threat to the financial stability of, an authorised credit institution, and in particular:
- to provide funds for any payment required,
- to provide capital for a bridge-bank, with the written consent of the Minister, and
- to meet expenses of the Central Bank in discharging its functions under the 2011 Act.
Credit unions are now the only financial institutions contributing to the CIRF as other financial institutions are now covered by the Single Resolution Mechanism which has resulted in Irish Banks paying into the Single Resolution Fund.
The Minister for Finance approves an annual levy on the sector for this purpose. Following a detailed review completed in 2025, the Minister approved a nil levy for the period 1 October 2025 to 30 September 2029, subject to compliance with a number of conditions.