Under the restructuring process, credit unions approved by ReBo for restructuring were provided with funding, where required. Funding was subject to specific conditions to ensure they had adequate capital and to upgrade systems.
The Commission was aware that restructuring would not be for all credit unions. Some credit unions will continue to operate successfully on a stand-alone basis, should they so choose, and if they have a viable business model capable of meeting regulatory requirements.
31st March, 2016 was the final date for acceptance by ReBo of any further restructuring proposals from credit unions.
ReBo has facilitated and overseen credit union restructuring on a voluntary, incentivsed and time bound basis and completed the performance of its restructuring functions by 31 March 2017.
It was intended that ReBo would be dissolved by Order as set out in s43 of the 2012 Act.
However, following legal discussions with the Attorney General’s Office, it was advised that the most effective way to dissolve ReBo is by way of primary legislation to ensure continuation of certain sections within Part 3 of the 2012 Act.
Draft Heads of the Bill for dissolution of ReBo were approved by government in December, 2017. They are currently being drafted by the Office of the Atttorney General.
Contracts of the 2 remaining staff of ReBo concluded on 31st July 2017 and the Minister accepted the resignation of the Board on 31st July 2017.
While awaiting legislation to wind-down ReBo, the Minister for Finance approved the appointment of two department officials to the board of ReBo from 1st August 2017. This was in order to manage matters during the period up to the wind-down.
While ReBo has completed its restructuring functions, any outstanding projects have been transferred to the Central Bank.
In addition to those projects, 23 additional projects commenced post ReBo. This shows that restructuring of the credit union sector is continuing.