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

The amendment would exempt debit cards from the additional services requirements set out under section 48 of the Credit Union Act 1997. Under the Bill the Central Bank will be able to exempt certain services from the additional service requirements set out under section 48, subject to certain requirements. To streamline procedures, the Bill provides that decisions to provide new services can be taken by a board of directors rather than decided at a general meeting of members. On the specific recommendation of the commission, it also facilitates greater use of debit cards by dealing with the issue of withdrawals and attached shares.

The commission did not consider it appropriate to specify which services credit unions ought to provide but recommended that a new regime for the provision of additional services should be developed within the context of the tiered regulatory approach set out in its report. Credit unions in tier one would be able to provide certain exempted additional services, while tiers two and three would be able to offer a wider range of services.

On that basis, I do not propose to accept the amendment at this stage but I will give the matter further consideration. In general terms, it is my view that the Bill enables credit unions to exercise various options to provide debit cards without requiring further amendment.

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