Oireachtas Joint and Select Committees
Thursday, 11 December 2014
Public Accounts Committee
Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013
12:50 pm
Mr. Bobby McVeigh:
I would strongly suggest - I can arrange this without any trouble - that members visit Canada to examine the legislation put in place there in respect of the system. This legislation provides for our credit unions to be full financial service organisations, with strict regulatory compliance and supervision applying. As a result of the fact that the leagues are regulated federally and the credit unions are regulated provincially, the Government of Canada does not change legislation without consultation with the credit union system. In my view, this is a good thing. That consultation could take place and I would be happy to arrange to have some Members of the Dáil consider what is in place in Canada.