Snippet data - viewing only, no editing possible


Label

Field name

Field value


Sitting_Date

03/13/2019 12:00:00 AM


Sitting_Forum


Snippet Ref No

SnippetRefNo

OOO00100

Selected Quill

SnippetType

14

Saved Quill

SnippetType_C4D


Selected Quill

SnippetType_1

14

Speaker Name

IndxSpeakerName


Business Category

IndxMainHeadCat

Bills

Sub Category

IndxSubTopic

Credit Union Restructuring Board (Dissolution) Bill 2019

Topic

IndxQHeadTopic

Second Stage

See Also

SeeAlso


Part1

TitlePart1


Part2

TitlePart2


Part3

TitlePart3


Volume

VolumeNo

980

Book No

BookNo

8

Pdf Ref

PdfPageRef


Default Business Index

IndexViewCategoryDefault


3 Part Title Business Index

IndexViewCategoryTitle


Default Topic Index

IndexViewCategoryDefaultSpeaker

Credit Union Restructuring Board (Dissolution) Bill 2019\Second Stage
Bills\Credit Union Restructuring Board (Dissolution) Bill 2019\Second Stage

3 Part Topic Index

IndexViewCategoryTitleSpeaker


Motion Code

MotionCode


Motion Title

MotionTitle


Stage

MotionStage


Amendment No

MotionAmendmentNo


Bill Code

BillCode

B2r

Bill Title

BillTitle

Credit Union Restructuring Board (Dissolution) Bill 2019

Stage

BillStage

Second Stage (Resumed)

Section

BillSection


Statement Code

StatementCode


Statement Title

StatementTitle


Stage

StatementStage


Hour Indicator

HourIndicator

9 o'clock

Procedural Instruction

Procedural_Instruction

No

Debate Adjourned

DebateAdjourned

No

Question Askee

QAskee


Question Asker

QAsker


Question Department

QDept


Question ID

QID


Question Reference

QRef


Question Speaker PID

QSpeakerPID


Question Speaker PID To

QSpeakerPIDTo


Questions Asked

QUESTIONSASKED


Speaker Type

SpeakerType


Speaker Name

Senator


Deputy


Minister


Witness


Chairman


ViceChairman


ActingChairmanD


ActingChairmanS


Speaker4Display

Speaker4Display


Speaker

Speaker


SpeakerPID

SpeakerPID


SpeakerText

SpeakerText


OriginalUnidSnippet

OriginalUnidSnippet

569A5AC39F640BCF802583BC0079425F

LastModifiedSnippet

LastModifiedSnippet

02/24/2020 02:34:02 PM

TopicIndex1stCategoryValues

TopicIndex1stCategoryValues

Snippet Contents:

ReBo also assisted credit unions that wished to merge or otherwise change. I know some individuals were put out by the mergers but, in the round, they were sensible moves that allowed some smaller credit unions to find shelter. The Bill, therefore, simply unwinds ReBo, which is no longer needed as the sector has reconfigured itself. I am pleased to confirm that Sinn Féin will support the Bill's passage through all Stages.
The Minister will take on the responsibilities of ReBo, including legal liabilities. Can he clarify whether there are many outstanding legal cases involving ReBo and what anklet has been reserved to deal with those cases?
We support the Bill. I commend the credit union movement on its resilience through very difficult times. While the banks failed the Irish people, the credit union movement remained a rock for many families.
The recently published report of the Credit Union Advisory Committee shows the way forward for the sector. The much-heralded tiered regulation must become a reality. I still have serious concerns that the Central Bank regards the credit union movement as an amalgam of hundreds of small banks to be regulated with a big stick rather than as unique community-based institution serving families in a way that banks do not or do not want to do. I note the report of the Credit Union Advisory Committee also made the case for increasing the lending rate cap from 1% to 2%. This move makes sense and is in line with Sinn Féin's unanimously supported consumer credit Bill, which places a cap on moneylenders. This would, of course, be a voluntary move for each credit union. Will the Minister of State indicate his position on this and consider making such an amendment to this Bill?
It is incredible that, in the midst of an ever-worsening housing crisis, the Government and Central Bank have yet to facilitate the credit union movement to provide for housing loans. It is shocking that the political will to make this happen has been so elusive. The Minister of State at the Department of Housing, Planning and Local Government, Deputy English, gave a commitment that the SPV to be used by the Irish Council for Social Housing would be ready by the third quarter of 2018. He has said since that it would be the first quarter of this year. By my calculation, that gives him a couple of weeks, perhaps, to meet the deferred deadline. Will it be ready? Importantly, will it be in line with Central Bank regulations?
ReBo has served its purpose. It can be wound down. Thankfully, it never became a NAMA, either in the public mind or in reality, because, unlike the banks, the credit unions have a culture that is about sustainability and community. As a proud and, may I emphasise, grateful member of my local credit union, I say "Well done."