Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Deputies Humphreys and O'Donnell come closest to how I am thinking of resolving this. The amendment is in the same area.

The board has a role, under section 53, of reporting to the credit union members, so there is still a function there. Under the old legislation, the treasurer is identified as the managing director of the credit union. The treasurer's responsibilities include executive responsibilities such as submitting financial statements to the board. We are trying to ensure that the role and responsibilities of the board and management do not overlap and that board members have governance rather than executive responsibilities, as I said in the note.

I will give consideration to bringing forward an amendment on Report Stage to allow one of the directors to take over the role of presenting the accounts to the AGM, which was formerly performed by the treasurer. The role of preparing the accounts would have to rest with the manager. Would that settle it? I will do that.