The Department of Enterprise, Trade & Employment is currently considering the future of the Registry of Friendly Societies in light of the recent transfer of responsibility for credit union matters to the Irish Financial Services Regulatory Authority.
It will be recalled that the Report of the Implementation Advisory Group on the establishment of the Single Regulatory Authority for the Financial Services Sector (the McDowell Report) recommended that the credit union related functions of the Registry of Friendly Societies should transfer to a dedicated statutory post of Registrar of Credit Unions within the single financial regulator, on the establishment of the new authority
It may be worth noting also that the Registrar of Companies has been assigned responsibility for the non-credit union functions of the Registrar of Friendly Societies on an interim basis, pending decisions being taken on the future of the Registry of Friendly Societies. |