Alex White (Dublin South, Labour)
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Before I open the floor to members, I wish to ask a question about the Credit Union Act 1997. I want to ensure that we dispose of the specifics, in the first instance, and then members might want to questions that are more general in nature but which are also important. MABS has identified issues with the proposed amendments to sections 32, 37C and 46 of the 1997 Act. Will Ms O'Connor explain MABS' thinking in this regard? For example, it has drawn the committee's attention to the standard credit agreements and the pledge they contain to the effect that "I/we hereby pledge all paid shares, all payments on account of shares and all deposits, which I/we have now or hereafter may have in the Credit Union". MABS has stated that the proposed revision to section 32(3) of the 1997 Act would, contrary to the intention outlined in the explanatory note, restrict members further from accessing their shares or deposits. What is the nature of MABS' concern in this regard?