Kieran O'Donnell (Limerick East, Fine Gael)

I will speak to the Fine Gael amendment No. 11. We believe the Central Bank commission should come under the freedom of information structure. The point is transparency and having a system where people can gain access to information in a way that will make them confident in how the system operates. I feel strongly about this and if an organisation is run properly by dealing with probity and fiduciary duties, there would be no worries about freedom of information. Every Irish citizen and taxpayer who makes a contribution, including those paying income tax and social welfare recipients who pay VAT, is entitled to know what is happening in all institutions and what is happening in the Central Bank commission.

On a related point it is unlikely we will reach the amendment being put through by the Government on the Central Bank, amendment No. 53. The Minister made reference to various discussions taking place between the Minister for Finance, Deputy Brian Lenihan, and the collective credit union movement on this section in the draft legislation. It relates to Part 7 of the Amendments of Credit Union Act 1997, sections 35(2) and section 35A. Representatives of the credit union movement reached an understanding with the Minister that their views would be taken on board and an amendment would be forthcoming, particularly relating to section 35, that would effectively bring in the powers of the regulator. It would be considered in that fashion.

Did a meeting take place with representatives of the various bodies in the credit union movement before this amendment No. 53 was tabled for Report Stage? The Minister should provide clarification on that as we have a credit union movement that has concerns about the level of regulation that will be provided and the general legislative powers to be provided to the regulator. Did discussions take place with the credit union bodies on amendment No. 53 prior to it being put forward today?

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