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

I move amendment No. 14:

14. In page 11, between lines 12 and 13, to insert the following: “Amendment of section 21 of Principal Act (nomination of property in credit union)

11. Section 21 of the Principal Act is amended—

(a) by the substitution of the following subsection for subsection (3):

“(3) For the purpose of the disposal of any property which is the subject of a nomination under subsection (1), if, on the date of the nominator’s death, the amount of the nominator’s property in the credit union comprised in the nomination exceeds the amount standing specified, on that date, for the purposes of this subsection in an order made by the Minister under subsection (10), the nomination shall be valid to the extent of the amount standing so specified, but not further or otherwise.”,

(b) by the insertion of the following subsections after subsection (7):

“(8) The signature of a person making a written statement referred to in subsection (1) shall be witnessed by 2 other persons.

(9) Each of the witnesses referred to in subsection (8) shall witness the signature of the person making the statement by applying the witness’s own signature to the statement.

(10) The Minister may, after consultation with the Advisory Committee and such other body as the Minister considers appropriate in the circumstances, by order specify an amount for the purpose of subsection (3).”.”.

As the Leas-Chathaoirleach said, this amendment is grouped with amendment No. 15. The grouping addresses some changes to the nomination process and changes to the process for small payments on death. This arose from my concern that the nomination process could be tighter and more aligned to the signing of a will. It will now be required to have two witnesses to the signing of a nomination, neither of whom is a beneficiary. Those witnesses could, for example, be staff of the credit union. It does not create a more onerous set of processes for the credit union, but rather tightens the process, which is an important process to many people who take great comfort in it. It needs to be more aligned with the signing of a will and that is the purpose of those amendments.