Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

We had a good discussion on this matter on Committee Stage. I share the sentiments expressed by Deputies Tommy Broughan and Pearse Doherty. The issue is that many credit unions are, to a large extent, dependent on the work of volunteers. In that context, some of the exclusions provided for in the Bill, as drafted, are overly restrictive. I welcomed the Minister for Finance's comments on Committee Stage to the effect that he was prepared to revisit these exclusions. We brought forward alternative suggestions in this regard. One was that there be a cap on the number of volunteers serving on any given board.

It is welcome that the Minister agreed to examine the exclusion relating to those in arrears for 90 days or more. It could be extremely humiliating for a person who has served a credit union well for many years and, through no fault of his or her own, run into financial difficulties to be forced to resign from the board of that credit union and disclose his or her reasons for doing so. In the context of the operation of credit unions, the principle of democracy should remain at the centre of the Bill. If the members of a credit union wish to elect a person, subject to certain restrictions - we do not object to all of the restrictions being put in place - their wishes should be supported.

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