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

Amendments Nos. 31 and 51, Schedule 52, relate to the role of the treasurer under the 1997 Act which is being removed by this Bill. As I outlined on Committee Stage, this is to give effect to the commission's recommendations concerning the separation of the governance and the executive functions in credit unions.

The governance requirements recommended by the commission set out the roles and responsibilities of two key positions within the credit union, those of chair of the board and the manager of the credit union. Under existing legislation the treasurer is identified as the managing director of the credit union and his or her responsibilities include executive responsibilities such as submitting financial statements to the board. To ensure the roles and responsibilities of the board and management do not overlap and that board members have governance rather than executive responsibilities the commission recommended that the 1997 Act be amended to remove the role of treasurer and assign executive responsibilities to the management of the credit union. On Committee Stage I indicated that I would consider an amendment to allow one of the directors to assume responsibility for presenting the accounts of the credit union at the annual general meeting. This role was previously fulfilled by the treasurer. Currently, my officials are working with the Office of the Attorney General on drafting an amendment to this effect and on that basis I do not propose to accept amendments Nos. 31 and 51.

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