Michael Noonan (Limerick City, Fine Gael)
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I do not have a problem in that regard. There are prudential reasons the Central Bank should be involved. I do not want any credit union to get involved in an investment which is a dud, as some of them did in the past whereby they lost a great deal of money. I do not wish to name credit unions but the Deputy will be aware of the ones I am talking about. We must ensure that there is an authorisation process. The public investments are safer than some of the private investments. Therefore, on prudential grounds I do not see a reason to prevent such investments. I am not averse to making an amendment to section 12(3) if it gives assurances to the credit union movement. We will examine the matter and consult with the Attorney General. Off the top of my head I am inclined to say that classes of investment could be both private and public. Just that much would probably give the Deputy what he needs but I am not sure what the implications of that suggestion would be until I consult with the Attorney General and get my officials to examine it. We will examine the matter with a view to seeing whether we can meet the point.