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

The Deputy makes a fair point. Sometimes when we talk about credit unions, we assume they are all part of an homogenous entity. Of course, they are not. There are big and small ones and they are located in different parts of the country. When this issue was brought to my attention by a network of credit unions in my area, I could see some of the difficulties that arose. I suspect that in a large urban setting the scale of the problem is totally at variance with that in more rural parts of the country.

Everyone accepts legislation is required, and there is considerable buy-in in that regard. However, we do not want to diminish the extraordinary amount of volunteering that exists at board level and throughout the organisation. In so far as we can reflect a common sense approach in the legislation that is ultimately passed by both Houses, we will do so. We are mindful of the concerns that Deputies have raised. Although there was support for the proposal when the commission's report emerged, many smaller credit unions began to find their voice and told us all the concerns that could arise for them with regard to the full application of what is suggested. We do not want circumstances in which the very people who have been keeping the organisation going for a long time are forced to withdraw. These people are at the heart of their communities. However, one does not want circumstances in which conflicts of interest cannot be addressed from a prudential perspective. This matter can be dealt with in the context of the rules referred to by Deputy Doherty. We are going to attempt to strike the required balance. When the Bill returns from the other House, I hope the concerns raised by Deputies on Committee and Report Stages will be reflected in the final text.

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