Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I wish to speak to section 3. There are only a few sections in this Bill that I would like to speak to because, overall, my party supports this legislation and I assume all members of this committee also support it. It is very timely and worthwhile and I know the credit union sector supports it as well. A lot of work has gone into it, including by the Minister of State and her officials, and that is to be commended.

As we go on to different sections, we will look at how a credit union applies for registration with the Central Bank. I ask the Minister of State to clarify the situation with regard to when a corporate credit union is applying to be formed. Will she step through the application process, particularly from the Central Bank's point of view? I ask her to clarify the steps that will take place. If my question is a little confusing, perhaps the clarification could be provided to us in writing before Report Stage. That would be helpful. I am interested in understanding the steps the new corporate credit union would take but, more importantly, the steps the Central Bank would take. There has been friction between the Central Bank and the credit union movement in the past and, in that context, I would like clarity on the steps involved and to hear the Minister of State's understanding of the legislation in terms of how a corporate credit union would step through this process and the timelines that may apply.