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

There is material in the protocol which comes close enough to the position espoused by Deputy Pearse Doherty. He will recall that the commission's report recommends a regulatory impact analysis when the Central Bank is introducing new regulations and the consultation protocol confirms that the bank will do this. When it promulgates regulations, an impact analysis will be carried out. This is something the credit union movement will welcome. The bank also intends to issue a prudential rule book which will make it clear to credit unions what is expected of them and, again, there will be consultation on it. While it is not on a statutory basis, there will be an interchange of opinion, when both sides will know what is expected of them. It will then be detailed in a rule book, after completion of the regulatory analysis. We are there on a non-statutory basis and I am not of a mind to move to a statutory basis.

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