Ms Selina Gilleece:

Deputy Boyd Barrett also asked if credit unions are experiencing problems as a result of poor governance. While this may be a question for the Central Bank rather that me, that is the case. I quoted the regulator's most recent comments on poor governance. This is repeated in previous statements by the Central Bank. It is an issue in credit unions. I cannot go into detail on the matter now. However, if the Deputy requires more information it might be worth his while asking the Central Bank the reasons it believes poor governance has caused problems in credit unions.

On Deputy Humphrey's question - this also addresses Deputy Boyd Barrett's concerns around terms of office - it is unfortunate that we appear to be poles apart from other organisations. However, we believe it is appropriate for a board member to step down after nine years, which is a long time, but to continue if he or she so wishes as a member of the audit, credit, credit control or other committee. There are many committees within the credit unions and a huge amount of work to be done. We are suggesting not that a board member step down after nine years and leave the credit union but that he or she step down after that period, upskill and become involved in other areas within the credit union and, if he or she so chooses, to take up a position on the board again after six years. I do not understand why this proposal is at issue. The person will continue to volunteer and give his or her service. We are not in any way seeking to undermine the work of the volunteer. We are simply seeking to reorganise, to improve and upskill and ensure that the board and nominations committee canvass within their common bond to get new people involved in credit unions. It may not be popular to say this but many of the people currently on credit union boards have been there for 35 or 40 years. The proposal being put forward seeks to change this and to bring in new people and skills. We do not have any difficulty with that and cannot understand the reason anyone else would have a difficulty with it.