Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I understand no legislation is needed for that. It can happen, so prescribing it in law is not required. The Minister's point on Committee Stage was exactly as Deputy McGrath has suggested - namely, that by specifying such areas, one might well be precluding areas around which there could be the potential for greater co-operation in the future. On the question of additional services, which is really the issue, my understanding is that once this Bill is established, there is nothing to prevent a credit union or group of credit unions applying to the Central Bank for the purpose of additional services. It is then a matter for the Central Bank to create regulations in this regard.

The report of the Commission on Credit Unions states:

The Commission recommends that a new regime for the provision of additional services should be developed within the context of the tiered regulatory approach as set out in greater detail earlier in this Chapter. Within this new regime, decisions to offer (or apply to offer) new services can be taken by the board of directors. It was suggested that the issue of additional services be designated a standing item on credit unions’ AGM agendas which would provide an opportunity for a two way exchange of information ...

The point is that on the question of existing shared services locally, there is nothing to prevent that from happening at present. However, when it comes to additional services, a tiered approach along the lines of the recommendation has been set out in the Bill in terms of the applications that can be made to the Central Bank. We are not accepting amendment No. 7, 11 or 13 on the basis that if additional services were at some point to be established, it would be a matter in the first instance for the Central Bank, without explicitly prescribing it in law in the primary form.

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