Tommy Broughan (Dublin North East, Labour) | Oireachtas source

I welcome the clarification. As the Minister was speaking I had another look at the 1997 Act, which, as I have stated, is comprehensive legislation that has worked well and appears to cover most of the areas referred to. This Bill is effectively an amendment of large parts of that Act. I welcome also the Minister's statement that amendments made in the Seanad will come before the Dáil for consideration. Is it the intention to do this prior to Christmas, so as to give us an opportunity to have a final input into this legislation?

The Minister's strong argument with regard to section 18 and other sections addresses my amendments on Central Bank regulation. However, the concern remains that people who had nothing to do with the banking crisis will in future be the ones who carry the burden. It will be much more difficult for the credit union movement to develop as a dynamic local financial service in direct competition with the banks, on the American model, and provide that type of resource for people. It is important that the Minister consider the amendments carefully. I read the proceedings of the Committee Stage debate and accept that there was some engagement then with regard to the concerns of the Irish League of Credit Unions.

This is a key point in the history of the movement and while it is clear that the Bill is urgent, the Minister must arrive at a formula that will work. It must be asked why such a formula is not contained in the Bill and why this concern was not foreseen by his Department.

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