Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I presume that the credit unions, as very different bodies to the banks or other big financial institutions that are run by professionals, are worried about a regulatory environment that is extremely onerous on them, given their volunteer basis. If I remember the representations they made to us, that is what they were afraid of. The important point is that we are sensitive, in the drafting of this legislation, to that concern and do not do anything that is unnecessarily onerous, notwithstanding the obvious need for regulation, which the credit unions and everyone here accepts. It is important that we do not do anything that makes life unnecessarily difficult for them. In that context, while not wishing to get into an argument with the Minister, why does it interfere with the independence of the Central Bank to regulate if we require that such a memorandum be in place? The amendment does not state what should be in the memorandum but rather that it would be a requirement that it be made clear to the credit unions what sort of obligations they might be operating under.