Oireachtas Joint and Select Committees
Wednesday, 14 December 2022
Joint Oireachtas Committee on Jobs, Enterprise and Innovation
General Scheme of the Co-operative Societies Bill 2022: Department of Enterprise, Trade and Employment
Paul Gavan (Sinn Fein)
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I imagine the committee will have a report to feed into this. I hope that colleagues across parties will see the fact that best practice dictates that we do need such a unit. We will probably agree to disagree on that at this point.
I want to ask about an asset lock. One of the things that has been crucial to the development of successful co-operatives is making sure that they are not subject to management capture and management buy-out. An asset lock, as Mr. Shine knows, has already been in place for the credit union movement. It is not a particularly radical concept. The British Tory Government has brought in an asset lock which, in fairness, works quite well. Does the Department plan to introduce an asset lock as part of this proposed legislation?