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

This group of amendments will give the Central Bank the authority to sign the memorandum of understanding. When this issue was brought to our attention during the Seanad debate which I attended, the fundamental question I asked was related to when this was brought to our attention. I appreciate the constructive remarks the Deputies have made. This is important because a watchlist of countries that have not signed the memorandum of understanding will be circulated by the International Organization of Securities Commissions by the end of the year. We did not want this country to be highlighted for not having signed the memorandum of understanding when other countries had done so. This net issue was part of the original Central Bank Bill which would have been passed. That is why we have brought it forward. I should have sent a note to my colleagues on the other side of the House when this issue was brought to the attention of the Seanad. I should apologise to the House for this, as it was my responsibility. I note the Deputies' comments that they have no difficulty with the signing of the memorandum of understanding. It is important for this country not be on some kind of blacklist of non-signatory countries as we move into next year. I appreciate the Deputies' remarks in that regard.

The Minister for Finance, Deputy Michael Noonan, who ostensibly dealt with the Bill on Second and Committee Stages before I became involved gave a commitment in advance of Report Stage that he would respond in the Seanad to a range of amendments the Members opposite had introduced and teased out at the select committee. He was true to his word in considering these amendments which we have tried to reflect as far as we can in the body of amendments being introduced today. The reason it is imperative for this legislation to get over the line before the end of the year relates to the provision of half of the €250 million required for the restructuring of the credit union movement. The rest of the money will be put up through levies within the organisation. That is why it is important for this work to be done by the end of the year. We had a very fruitful discussion in the Seanad with the Members of that House about many of the ideas championed by my colleagues on the other side of this House. As we go through the amendments, I hope the Deputies in question will see how their ideas are being put into law as a result of the changes made in the Seanad.

Deputy Michael McGrath asked a specific question about the definition, with which amendment No. 5 deals. The Minister gave a commitment to amend this legislation to make it clear that only the legislation that already applied to credit unions would be covered by this definition. That will be highlighted when we reach the amendment in question. This will have an effect on what happens in the future. When we reach that amendment, the Deputies will see that the Minister's bona fides are well in tune.

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