Jennifer Carroll MacNeill (Dún Laoghaire, Fine Gael) | Oireachtas source

Deputies are correct. A memorandum of understanding between the Central Bank, the Department of Finance and the Credit Union Advisory Committee, CUAC, is being drafted. CUAC has a strong role to play in this at all stages. I am aware the International Credit Union Regulators' Network, ICURN, review is under way at the moment and the work by the Central Bank is important in tandem with this. It is important for us to recognise the independence of the Central Bank, as we have, and its high standard of regulation, as well as the diversity in the credit union movement which includes financial institutions of different sizes and scales that require a nuanced form of engagement which provides the best support to credit unions while also providing robust regulation that protects members. That is the thrust of what we are trying to do with this amendment and the Central Bank is also keen to ensure it works in an appropriate way.