Seán Sherlock (Cork East, Labour) | Oireachtas source

This committee is in something of a vacuum. We want to hear what the stakeholders have to say and we want to ensure that there is a vibrant credit union movement into the future. I am not convinced that a sunset is being put on actions or key deliverables within definitive and clearly defined timelines. It seems from what Mr. Carville is saying that the Department is not a million miles away from understanding the needs of the credit union movement and realising the potential of the movement. However, there is still a logjam. This is why we are trying to go hard on the questioning here. I suggest that tiered regulation is the nut that needs to be cracked. The impression I get from the engagement of the Department and the Central Bank with the credit union movement is that one of them, or both, does not want to be dealing with 283 entities. I think there is a certain attitude that regards the credit unions as somehow amateurish because they are voluntary and non-paid. All credit unions have gone through the rigours in recent months. Some of them have spent hundreds of thousands of euro from members' money on consultancy fees to meet the needs and requirements of the Central Bank and the Department of Finance. They are not seeing light at the end of the tunnel. They need to see that happening. That is why I am asking about clearly defined timelines for the full implementation of the CUAC recommendations. We are depending on the Department of Finance as a stakeholder in that process. If we do not see progress in this respect within clearly defined timelines, that will not bode well for our confidence in the Department of Finance or the Central Bank. I hope that makes sense.