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

On the amendment, it is important to highlight that this is not a mandatory change. Boards may still choose to review policies or procedures more frequently. The broad thrust of this is that, by removing the requirement to review it annually, we are trying to allow boards to have more time to focus on matters such as strategic planning, which is probably a more efficient use of board time on a year-on-year basis. The main thrust of this and other amendments relating to governance is to deliver relief on some elements of the current legislation, such as the lessening of the minimum number of board meetings and board oversight committees. We discussed that on Second Stage and I know Deputy Doherty was in broad agreement with that.

It is important to highlight the point about the Central Bank analysis. First of all, a mandatory provision would be a matter for the Central Bank Act, as I know the Deputy is aware. However, it is important to say, as the Deputy will be aware, that the International Credit Union Regulators' Network, ICURN, review of the Central Bank processes relating to credit unions is going on. That process can be fed into. CUAC has highlighted a number of areas where it expected to see a review by now. That is an ongoing dialogue the Minister, Deputy McGrath, and I will have with the bank to make sure we have the best responsiveness to some changes that are happening in the credit union movement, including, importantly, in this legislation. A mandatory provision such as that would be a matter for the Central Bank Act, as I understand it.