Michael Noonan (Limerick City, Fine Gael)
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The commission recommended a consultation protocol and that has been drafted by the Central Bank. The Irish League of Credit Unions is sufficiently satisfied with it to make a submission, which is being considered by the bank. I have a draft here which begins: "The Central Bank of Ireland is committed to having clear, open and transparent engagement with stakeholders in fulfilling its financial regulation and supervisory objectives." It goes on to state:

The consultation protocol sets out how the Central Bank proposes to consult formally with credit unions, their representative bodies and other relevant stakeholders prior to the introduction of new regulations for credit unions. In this regard, the Central Bank will also ensure it complies with any relevant legal obligations in relation to consultation. In addition to formal consultations, the Central Bank may engage informally with credit unions, their representative bodies and other stakeholders.

The draft goes on from there but it seems fine to me. I presume there is no problem with my giving copies to colleagues.