The PRA has published Policy Statement 32/16: Responses to Chapter 5 of CP41/15 – amendments to the definition of credit unions (PS32/16). In PS23/16, the PRA provides feedback to responses to Chapter 5 of Consultation Paper 41/15: Occasional Paper (CP41/15) and sets out the final rules to amend the definition of “credit unions” in the PRA Rulebook Glossary (Glossary). The PRA reports that there were no responses to its proposals in CP41/15 and as such:
- the definition of “credit union” will be as defined in the Credit Unions Act 1979 or the Credit Unions (Northern Ireland) Order 1985; and
- a definition for “credit union” will be added to the Depositor Protection Part of the PRA Rulebook.