John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

Another section of his speaking notes which Mr. Corr did not read out, states: "[...] and we must remember that the Credit Union Act 1997, as revised, prescribes in many cases that the Central Bank ensure that its regulations "are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the regulations will apply"". These are important pieces of information and I will tell Mr. Corr the reason shortly.

The other part Mr. Corr left out was when he referred to "[...] sector-wide potential expansion of the provision of mortgages, and the further roll out of agri-lending", but he also left out, "and other SME lending initiatives". The point I am making is that they are all important pieces of information because they indicate that Mr. Corr is part of a committee and they do not have to bother listening to its members if they do not want to.

As we are discussing the credit unions, I am with Senator Kieran O'Donnell. It is the same story over and over again. All of the interested parties at national level outside the credit unions - the Central Bank and the Department of Finance - and I am not being critical of Mr. Corr in a personal way, are dragging their feet on any opportunities the credit unions might have to get out there and do what they want to do. If they were a normal business I do not know what they would do with the regulations that are heaped upon them, and the suggested improvements seem to be put on the back burner as far as the Central Bank is concerned. The reason I say that, if Mr. Corr will bear with me, is because of the status of Credit Union Advisory Committee, CUAC, recommendations. Are all of those current? When was that report written?