Aideen Hayden (Labour)
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I welcome the Central Bank's Registrar of Credit Unions, Ms Anne Marie McKiernan, who is accompanied by Ms Elaine Byrne, the deputy registrar. On behalf of the committee, I apologise to them for the delay and thank them very much for waiting. Unfortunately, we were delayed by a Dáil vote and some other matters.

Following our engagement with credit union officials in November and noting the concerns raised by their representative body on the impending legislation, it is appropriate that we have the opportunity to discuss these concerns with the Registrar of Credit Unions today, given the important alternative that the credit union movement provides to the pillar banks. Ms McKiernan will first make her opening remarks, which we will follow with questions and answers.

By virtue of section 17(2)(l) of the Defamation Act 2009, witnesses are protected by absolute privilege in respect of their evidence to the committee. However, if they are directed by the committee to cease giving evidence on a particular matter and they continue to so do, they are entitled thereafter only to qualified privilege in respect of their evidence. They are directed that evidence connected only with the subject matter of these proceedings is to be given and they are asked to respect the parliamentary practice to the effect that, where possible, they should not criticise or make charges against any person, persons or entity by name or in such a way as to make him, her or it identifiable. I invite Ms McKiernan to begin.