Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The position is that there is nothing in the Bill that does not already apply to the credit union movement. There has been a misunderstanding, arising from the definition section, that there may be an importing of additional legislation to be applied to credit unions, but this is not the case. As agreed on Committee Stage, consultation is taking place between my Department and the Office of the Attorney General with a view to amending the definition section in order that it will be absolutely clear that what is feared is not happening. I will amend the definition section in the Seanad. I must bring substantive amendments to the Cabinet but because of the short timeline, I was unable to do so before Report Stage. I assure Deputy Tommy Broughan that it will happen before Christmas. I must move expeditiously because, as everyone knows, there are impaired credit unions which will need financial assistance. I have made provision for a figure of €250 million in the 2012 figures to assist credit unions, but if I cannot get this legislation through, I will not be able to dedicate that money to the credit unions and it will fall out of the figures at the end of the year. I need to get the legislation through the Seanad and back to the Dáil before Christmas in order that I can apply the initial tranche of funding which will not be sufficient and will only be the first instalment. It is very important, therefore, that we keep to the timeline. I do not mean to be disobliging to Deputies and I am quite prepared to discuss at length any of these provisions, but it is the fallow period between the different Stages that I must shorten in order that I can get the Bill through.

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