Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

It would be a matter for the Central Bank Act but it is a matter for us to insert it into the Central Bank Act and for the Central Bank to fall in line with the law of the land. We are setting out a legislative provision that credit unions have to review their policies and plans every three years. We do not need to do that since the Central Bank could just mandate them to do that, but we are deciding as legislators that, for the safety of people's moneys, these plans and policies should be reviewed every year and it is a legislative issue. We could do the same with the Central Bank.

I raise it because it is worthy of consideration. Returning to my earlier point, there has to be a common purpose between the movement and the Central Bank on how we develop it. Sometimes, as legislators, we pass legislation and find that it will be frustrated out there because the will have not materialised. Hopefully, that will not happen with this legislation. We, therefore, seek bit of certainty or review where the policy has to be reviewed every three years. It is not that I oppose it but I ask the Minister of State to put on the record the rationale for dropping the requirement in its entirety to review the procedures at credit union level, now that the legislation will only require plans and policies to be reviewed.