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

I move amendment No. 91:

In page 59, before section 30, to insert the following new section:30.--The Principal Act is amended by the insertion of the following new section after section 84A (inserted by the Credit Union Act 2012):

“84B.--As soon as is practicable, the Bank shall enter into a memorandum of understanding with credit unions the form of which shall be agreed in consultation with credit unions and representative bodies.".".

This amendment relates to the proposal to have a memorandum of understanding between the Central Bank and the credit unions. According to the Irish League of Credit Unions, this is an issue that arose during its consultations with the individual credit unions. The league's explanation is that it would define the working relationship between the Central Bank and the credit unions and would, in a sense, be a customer charter and deal with issues such as whether instructions given by the Central Bank should be given in writing or when credit unions raise issues with the Central Bank, whether there should be a time limit for a response. Such a memorandum would deal with issues that would not normally fall within the remit of legislation. It would be inappropriate, therefore, to legislate for these issues, but the memorandum would set out the framework for day-to-day operations within which contact between credit unions and the Central Bank could take place.