Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

The engagement so far has been good, as has Minister's openness to examining our concerns, which reflect the concerns of the credit union movement. This is the red line issue for many people. It affects smaller credit unions because of the small pool from which they have to draw to attain volunteers who meet all the standards laid down in the legislation and previous regulations and the need to ensure the credit union movement survives and thrives in the future.

These amendments deal with the contentious exclusions from and the limits to credit union boards. Yesterday in response to a parliamentary question the Minister stated he was not aware of similar exclusions in banking or credit union legislation in other OECD countries. I believe the reason he is not aware of such legislation is because it does not exist. Ireland will be unique if we proceed with this section of the Bill and lay down these exclusions. I understand such exclusions do not operate in Irish banks but I am open to correction on this.

The parliamentary question also dealt with the fact that the Bill is based on the Commission on Credit Unions recommendation and I take this to be a statement of fact. However, it is important to state the recommendation on the exclusions did not have the support of the credit union movement because the restrictions will particularly hit smaller credit unions and, as has been stated previously when dealing with other amendments, it is very difficult to get volunteers in Irish society. A huge amount of volunteers do untold excellent work and make a contribution to Irish society, but the credit union competes for volunteers with other sections of society such as the GAA, committees in local communities and political parties. Many organisations and interests press on people's time. I understand the intention behind this section but we need to be concerned about its impact. From the Minister's point of view the intention of the restrictions to be imposed is not to put smaller credit unions out of business but there is no doubt people believe this is the desired intention. I do not state I share this view.

There is also an issue with regard to the democratic nature of the credit union movement. Members of a credit union elect people and term limits will limit democracy in the credit union movement. There would be an outcry, particularly from people here longer than I have been, if we were to introduce legislation that introduced term limits for us. I will have been here for two years next Monday, but others have been here for much longer. If somebody wisely suggested we introduce term limits for Oireachtas Members there would be an outcry because we value the fact it is up to the people to decide who to elect.