Houses of the Oireachtas

All parliamentary debates are now being published on our new website. The publication of debates on this website will cease in December 2018.

Go to oireachtas.ie

Credit Union Bill 2012: From the Seanad (Continued)

Thursday, 13 December 2012

Dáil Éireann Debate
Vol. 786 No. 3

First Page Previous Page Page of 73 Next Page Last Page

(Speaker Continuing)

[Deputy Richard Boyd Barrett: Information on Richard Boyd Barrett Zoom on Richard Boyd Barrett] I welcome the amendment. I am sorry the individual in question is not here to see a little bit of his idea being enshrined in law. I am sure he will be very pleased, however, and that it will have the desired effect.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes I thank the Deputy for raising this issue. Natural justice requires that people would receive this notification in writing. The point the Deputy highlighted comes from a genuine case where someone felt there had been some unfairness. The fact this is now incorporated in the law puts a standard there for all credit unions to follow. I congratulate the Deputy on doing that.

  Seanad amendment agreed to.

  Seanad amendment No. 75:

Section 24: In page 36, line 43, after “Bank” to insert the following:
“including regulations setting out the form and content of that statement”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes This amendment clarifies that the requirement which the bank may prescribe under section 66(C)(1) of the 1997 Act relate to the form and content of the compliant statement to be provided to credit unions.

  Seanad amendment agreed to.

An Leas-Cheann Comhairle: Information on Michael Kitt Zoom on Michael Kitt Seanad amendments Nos. 76 to 83, inclusive, are related and may be discussed together.

  Seanad amendment No. 76:

Section 25: In page 37, between lines 43 and 44, to insert the following:
“(ii) where the officer is the secretary, in writing to the board of directors and served on the chair,”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Seanad amendment No. 76 ensures the secretary acts at all times in a manner free from conflict. Where a potential conflict is identified between his or her own interests and the interests of the credit union, the secretary must declare the nature of his or her interest in writing to the board and service notice of that conflict on the chair.

The other amendments are minor technical amendments and are consequential to amendment No. 76.

  Seanad amendment agreed to.

  Seanad amendment No. 77:

Section 25: In page 37, line 44, to delete “(ii) where that officer” and substitute “(iii) where that officer”.

  Seanad amendment agreed to.

  Seanad amendment No. 78:

Section 25: In page 37, line 47, to delete “(iii) where that officer” and substitute “(iv) where that officer”.

  Seanad amendment agreed to.

  Seanad amendment No. 79:

Section 25: In page 37, line 48, after “secretary,” to insert “or”.

  Seanad amendment agreed to.

  Seanad amendment No. 80:

Section 25: In page 38, to delete lines 1 and 2.

  Seanad amendment agreed to.

  Seanad amendment No. 81:

Section 25: In page 38, line 40, to delete “paragraph (i) or (ii)” and substitute “paragraph (i), (ii) or (iii)”.

  Seanad amendment agreed to.

  Seanad amendment No. 82:

Section 25: In page 38, line 45, after “or” to insert the following:
“where the director concerned is the secretary, in accordance with paragraph (ii) of that subsection, or”.

  Seanad amendment agreed to.

  Seanad amendment No. 83:

Section 25: In page 38, line 47, to delete “paragraph (ii)” and substitute “paragraph (iii)”.

Seanad amendment agreed to.

Seanad amendment No. 84:

Section 26: In page 41, lines 15 to 17, to delete all words from and including “The” in line 15 down to and including “union,” in line 17 and substitute “The board of directors of a credit union shall”.

  Seanad amendment agreed to.

An Leas-Cheann Comhairle: Information on Michael Kitt Zoom on Michael Kitt Seanad amendments Nos. 85 and 87 are related and may be discussed together.

  Seanad amendment No. 85:

Section 26: In page 41, line 19, to delete “authority, resources and experience” and substitute “authority and resources”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Seanad amendments Nos. 85 and 87 delete references to the risk management officer or compliance officer having the necessary experience to manage the functions of their role. This does not need to be provided for here as these standards will be set out under the fitness and probity regime which was agreed with the Commission on Credit Unions. These measures will be rolled out in credit unions over time and will take account of the size and scale of the credit unions.

  Seanad amendment agreed to.

  Seanad amendment No. 86:

Section 26: In page 42, lines 17 to 19, to delete all words from and including “The” in line 17 down to and including “union,” in line 19 and substitute “The board of directors of a credit union shall”.

  Seanad amendment agreed to.

  Seanad amendment No. 87:

Section 26: In page 42, line 21, to delete “authority, resources and experience” and substitute “authority and resources”.

  Seanad amendment agreed to.

  Seanad amendment No. 88:

Section 26: In page 50, line 27, to delete “section 55(10)” and substitute “section 55(8)”.

  Seanad amendment agreed to.

  Seanad amendment No. 89:

Section 26: In page 50, line 39, to delete “section 55(10)” and substitute “section 55(8)”.

  Seanad amendment agreed to.

An Leas-Cheann Comhairle: Information on Michael Kitt Zoom on Michael Kitt Seanad amendments Nos. 90, 92, 94 and 114 are related and may be discussed together.

  Seanad amendment No. 90:

Section 27: In page 51, line 26, to delete “section 76O” and substitute “section 76N”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes These are technical amendments.

  Seanad amendment agreed to.

  Seanad amendment No. 91:

Section 27: In page 51, lines 44 and 45, to delete “section 76S(4)” and substitute “section 76R(4)”.

  Seanad amendment agreed to.

  Seanad amendment No. 92:

Section 27: In page 52, line 6, after “earlier” to insert “than that annual general meeting”.

  Seanad amendment agreed to.

  Seanad amendment No. 93:

Section 27: In page 52, line 8, to delete “section 76S(4)” and substitute “section 76R(4)”.

  Seanad amendment agreed to.

  Seanad amendment No. 94:

Section 27: In page 52, line 20, to delete “subsection (4) or (5)” and substitute “subsection (4), (5) or (6)”.

  Seanad amendment agreed to.

  Seanad amendment No. 95:

Section 27: In page 52, to delete lines 35 to 38 and substitute the following:
“(a) an employee or voluntary assistant of the credit union or an employee of any other credit union;”.

  Seanad amendment agreed to.

  Seanad amendment No. 96:

Section 27: In page 52, to delete lines 41 and 42.

  Seanad amendment agreed to.

  Seanad amendment No. 97:

Section 27: In page 52, line 43, to delete “(d) an employee of” and substitute “(c) an employee of”.

  Seanad amendment agreed to.

  Seanad amendment No. 98:

Section 27: In page 52, line 48, to delete “(e) a public servant” and substitute “(d) a public servant”.

  Seanad amendment agreed to.

  Seanad amendment No. 99:

Section 27: In page 53, line 3, to delete “(f) a member of” and substitute “(e) a member of”.

  Seanad amendment agreed to.

  Seanad amendment No. 100:

Section 27: In page 53, line 5, to delete “(g) an officer (within” and substitute “(f) an officer (within”.

  Seanad amendment agreed to.

  Seanad amendment No. 101:

Section 27: In page 53, line 10, to delete “(h) Financial Services Ombudsman” and substitute “(g) Financial Services Ombudsman”.

  Seanad amendment agreed to.

  Seanad amendment No. 102:

Section 27: In page 53, line 15, to delete “(i) a member of” and substitute “(h) a member of”.

  Seanad amendment agreed to.

  Seanad amendment No. 103:

Section 27: In page 53, line 18, to delete “(j) the chief executive” and substitute “(i) the chief executive”.

  Seanad amendment agreed to.

  Seanad amendment No. 104:

Section 27: In page 53, to delete line 24 and substitute the following:
“(j) the auditor of the credit union or a person employed or engaged by that auditor;”.

  Seanad amendment agreed to.

  Seanad amendment No. 105:

Section 27: In page 53, line 25, to delete “(l) a solicitor or” and substitute “(k) a solicitor or”.

  Seanad amendment agreed to.

  Seanad amendment No. 106:

Section 27: In page 53, to delete lines 29 to 36 and substitute the following:
“(l) a person who is a spouse or civil partner, cohabitant, parent or child, of a director, board oversight committee member or employee of that credit union;”.

  Seanad amendment agreed to.

  Seanad amendment No. 107:

Section 27: In page 53, to delete line 37 and substitute the following:
“(m) a body corporate;”.

  Seanad amendment agreed to.

  Seanad amendment No. 108:

Section 27: In page 53, to delete line 38 and substitute the following:
“(n) a person who is not of full age;

(o) a director of the credit union.”.

  Seanad amendment agreed to.

  Seanad amendment No. 109:

Section 27: In page 53, to delete lines 39 to 46.

  Seanad amendment agreed to.

  Seanad amendment No. 110:

Section 27: In page 53, between lines 46 and 47, to insert the following:
“(5) A person shall resign from being a member of the board oversight committee of a credit union if and when he or she becomes a person to whom any of the provisions of subsection (4) relates.”.

  Seanad amendment agreed to.

  Seanad amendment No. 111:

Section 27: In page 53, line 47, to delete “(5) A board oversight” and substitute “(6) A board oversight”.

  Seanad amendment agreed to.

  Seanad amendment No. 112:

Section 27: In page 53, line 50, to delete “9 years” and substitute “12 years”.

  Seanad amendment agreed to.

  Seanad amendment No. 113:

Section 27: In page 54, line 3, to delete “(6) The board oversight” and substitute “(7) The board oversight ”.

  Seanad amendment agreed to.

  Seanad amendment No. 114:

Section 27: In page 54, to delete lines 35 to 41 and substitute the following:
“(6) The board oversight committee may notify the Bank of any concern it has, that the board of directors has not complied with any of the requirements set out in this Part or Part IV, or regulations made thereunder, following a unanimous vote at a meeting of the committee called for the purpose of considering such a notification.”.

  Seanad amendment agreed to.

  Seanad amendment No. 115:

Section 27: In page 55, to delete lines 34 to 50 and in page 56, to delete lines 1 to 8.

  Seanad amendment agreed to.

  Seanad amendment No. 116:

Section 27: In page 56, line 9, to delete “76R.—(1) Subject to” and substitute “76Q.—(1) Subject to”.

  Seanad amendment agreed to.

  Seanad amendment No. 117:

Section 27: In page 57, line 5, to delete “76S.—(1) A register of” and substitute “76R.—(1) A register of”.

  Seanad amendment agreed to.

  Seanad amendment No. 118:

Section 29: In page 58, to delete lines 22 to 35.

  Seanad amendment agreed to.

  Seanad amendment No. 119:

Section 29: In page 58, line 36, to delete “84B.—(1) In making regulations” and substitute “ “84A.—(1) In making regulations”.

  Seanad amendment agreed to.

  Seanad amendment No. 120:

Section 29: In page 59, to delete lines 14 to 20, to delete all words from and including “credit” in line 14 down to and including “commenced.”.” in line 20 and substitute “credit union.”.”.

  Seanad amendment agreed to.

An Leas-Cheann Comhairle: Information on Michael Kitt Zoom on Michael Kitt Seanad amendments Nos. 121 to 123, inclusive, are related and may be discussed together.

  Seanad amendment No. 121:

In page 59, to delete lines 24 to 26 and substitute the following:
“ ‘liquid assets’ means the assets held by a credit union to enable it to meet its obligations as they arise;”.

Deputy Brian Hayes: Information on Brian Hayes Zoom on Brian Hayes Seanad amendment No. 121 provides a more specific definition of “liquid assets”. Seanad amendment No. 122 clarifies the definition of “maturity mismatch”. Seanad amendment No. 123 ensures the proportion of liquid assets to be kept by a credit union will take account of the nature, scale and complexity of a credit union, ensuring that a one-size-fits-all approach is not taken and that the composition and maturity of a credit union’s assets and liabilities is also taken into consideration.


Last Updated: 06/05/2020 11:58:19 First Page Previous Page Page of 73 Next Page Last Page