Michael Noonan (Limerick City, Fine Gael)

Yes, it is an appeal against the action taken by the Central Bank to intervene in a credit union. There is no appeal mechanism now. The pros and cons are as follows: If one has an appeal mechanism, we delay the bank from going in, which it may have to do as a matter of urgency. On the other hand, it may be appropriate in certain circumstances to have somebody else take a second look. That is the weight of the argument. Since the Commission on Credit Unions is considering issues such as this, we are referring this matter to it and we will consider its recommendation in due course.

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