Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

If we can deal with that issue, it will help to smooth our proceedings because many of the subsequent amendments relate to the issue of the application of the full suite of financial services legislation to credit unions. The Minister has addressed this directly in his remarks and I welcome that. I also welcome his openness towards looking at the detail of this and his commitment to consult the Attorney General to examine whether the concerns of the movement can be taken into account without compromising the effect of the legislation. I accept the Minister's undertaking in the spirit offered.

As the Minister is aware, the league has given us a different interpretation. It has written directly to the Minister also. Its concern is that the structure and regulatory architecture that has been designed and developed for banking regulation and which does not distinguish between the different functions, roles and objectives that credit unions serve will now be applied to the credit unions. There is a concern that applying the full suite of Acts, from 1942 to 2011, will result in additional requirements with which credit unions must comply on the regulatory side and that these requirements do not take into account the distinctive nature of the movement and how it operates on the ground. That is the key concern. If the Minister is saying we will go through these issues and that he is open to considering them, I accept that.