Report of the Registrar of Friendly Societies 1998 Published

Mr Noel Treacy, T.D., Minister for Science, Technology and Commerce, has today (Monday 10th January, 2000) published the Report of the Registrar of Friendly Societies, 1998. The Report contains statistical information and commentary by the Registrar, relating to his supervisory duties of the 438 credit unions, 96 friendly societies, 75 trade unions and 1032 industrial and provident societies (mainly co-operatives), registered at the end of 1998.

Speaking about credit unions, Minister Treacy said he was pleased that the Registrar continues to give a general vote of confidence to credit unions in his Report and that agreement was reached during the year on the new version of the Standard Rules for Credit Unions. "While the Registrar reports that the vast majority of credit unions are carrying on their business in a competent and prudent manner, I would urge all credit unions to address the items raised in the Report. Credit unions should now be complying in full with the Credit Union Act, 1997 and its subsidiary legislation," Minister Treacy said.

Minister Treacy commends the Registrar's report which contains much good advice on subjects as diverse as auditing, money laundering and IT systems. "All of the relevant bodies should take positive action to satisfy themselves of their compliance with the standards of best practice in these areas," the Minister said.

Minister Treacy notes that the Registrar warns all the bodies that he regulates, that failure to comply with their basic statutory requirements, specifically the submission of full and timely returns to the Registrar, will lead him to pursue his policy of cancelling their registration. The Minister said "The Registrar's Report highlights that a number of bodies are not filing their statutory returns in full and on time and that this practise has continued for some time. I would urge any society that has not complied in the past to regularise its affairs now, and I also ask the Registrar to take the necessary enforcement action in the coming months against non-compliant societies."

The Minister also notes that in conjunction with his Department, the Registry has reviewed its computer system to ensure that it is Year 2000 compliant. "My Department and the Registry has planned for the difficulties that Year 2000 might raise and has also taken the opportunity to fully appraise its systems and to update its business processes," Minister Treacy said.