Thread by @TMac572002

In 2012 Minister Noonan brought in the Central Bank to be the regulator of Credit Unions (for your safety) 🙄
In reality he was preparing the ground work for CBDCs😉
#CBDCs #Cash

https://twitter.com/ThreadsIrish/status/1637544365819133958

April 2012: There are 404 credit unions in the Republic with about 3 million members & assets of about €14 billion
Minister for Finance Michael Noonan has said he is to establish a Restructuring Board in the coming weeks to implement the recommendations…
irishtimes.com/business/finan…

Sep 2012: New regulations for credit unions
Irish credit unions must keep a set amount in a deposit protection account with the Central Bank from the end of November... in return for protection offered under the Deposit Guarantee Scheme...
irishtimes.com/business/finan…

The CB of 🇮🇪 has warned that although the sector has shown resilience in 2020 due to strong reserves & liquidity positions, a continuation of the trends identified "could see individual credit unions facing sustainability challenges over the medium term."
mondaq.com/ireland/financ…

Sep 2021: Central Bank took two months to inform credit unions of data breach
The CB, which regulates the sector, wrote to about 50 credit unions informing them that the names and home addresses of chairpersons and chief executives had been mistakenly disclosed to a third party.

Dec 2021: Risks remain for credit unions despite improvements...they need to leverage potential opportunities by embracing the process of innovative business model change within existing legislative & regulatory flexibilities," Central Bank 🤔
rte.ie/news/business/…