Michael Noonan (Limerick City, Fine Gael)

I thank Deputies for their contributions. We all share the same objective; we want the ethos of the credit unions to continue while we want them to be solid and have deep roots in the modern financial world as they work in their communities.

Sometimes when only a few Members are in attendance in the Dáil, we think no one is listening and that the views expressed have no influence. I assure Deputies the regulatory authorities are aware of the views that were expressed on Committee Stage and will be aware of the views being expressed here as well. Deputies must not think they are not influencing the wider debate, they are.

There will be opportunities arising from this. Today we will finish Report and Final Stages and the report will be published on Friday. The report provides factual data from the Grant Thornton report and will give an up to date factual base for future debates. The level of detail in the report is admirable and will offer a clear view of the position of the credit union movement.

The report also makes a series of recommendations. The recommendations are for everyone but particularly for the Minister for Finance in terms of the legislation we are preparing for publication around Christmas. In the meantime, the commission will continue with its work because this is the interim report. It will then examine the wider issues of the place of credit unions in the financial services industry in future. It will issue a final report around Easter of next year with a final set of recommendations which we hope to incorporate into law. In the meantime, the Central Bank is the regulatory authority. The structure is the Governor of the Central Bank, Mr. Elderfield, the regulator, and specifically Mr. O'Brien, the registrar of credit unions. They are aware of Deputies' views and they keep up to speed on them.

I hope by this time next year we will have done good work where credit unions will be adequately provisioned while continuing with the ethos they always had, serving particular communities without too much dislocation. That is the objective.

Deputy Thomas Fleming raised particular cases. I have come across these arguments before and many of them were put forward by credit union management. They are not to be dismissed for that reason because who would know the state of credit unions better than management? We do not want, however, the situation to emerge where there is a conflict between the interests of management and the interests of depositors and share holders. Our primary purpose must be to protect those depositors and shareholders. There are good managers and bad managers and a few cowboys around. Part of the process will be to shake that out.

Deputy Fleming's contribution was laid out in a coherent manner. The commission is subject to submission from Members of the Oireachtas and the public. The Deputy should send a copy of his script to the commission and ask it to reflect on the issues raised and measure them against practice in other parts of the country. He could have an interchange with the commission as well as with me in the House.

Otherwise I am confident we have met the concerns raised on Committee Stage. I point out to Deputy Doherty that we covered consultation with the CUAC in the first amendment.

That is also included, in so far as the formation of regulations is concerned. Most of what is left is technical in nature.

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