Pearse Doherty (Donegal South West, Sinn Fein)
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The reference in the submission to such regulations as corporate governance codes, related party lending codes and fit and proper regimes for senior managers and risk takers includes the specific comment that regulation should be as is required for the banking sector. To be brutally honest, I found this surprising coming from the IBF. I do not know if any credit union was responsible for the catastrophe in which this country has found itself. I know from the figures I receive from the Department of Finance that many managers at senior level, including some of the most senior people in Anglo Irish Bank, continue to be employed by their institutions. At the last count, 22 out of the top 50 people were still employed. It is amusing for them to ask for the same type of regulation to be applied to a voluntary, democratic and not-for-profit organisation, where directors are not remunerated in return for the time they contribute to ensuring their communities receive a dividend. I find this surprising and I do not understand why the IBF has come forward with this suggestion. Is it a lack of understanding of how the credit union movement works or is it that it wants the credit unions to become banks? One of the failings of the existing legislation is the lack of understanding of the unique ethos of the credit union movement. I am not arguing for less regulation but comparisons of the type of oversight and regulation required for Anglo Irish Bank with that of my local credit union in Gweedore do not make for a sustainable argument.