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

This arises from the proceedings on Committee Stage in the Seanad. I brought forward an amendment on Committee Stage to address concerns relating to the definition of financial services legislation. During Report Stage in Dáil Éireann and Second Stage in this House I indicated that I would bring forward an amendment to clarify that it is only legislation that already applies to credit unions that would be covered by this definition. The amendment made on Committee Stage in the Seanad provides the clarification sought. I know this was an issue raised by colleagues opposite at all stages when the Bill was being discussed here.

The amendment provides that the financial services legislation definition only relates to provisions applicable to credit unions acting under any authorisation from the Central Bank as provided for by law. Such authorisation may include acting as an investment intermediary under the Investment Intermediaries Act 1995. The amendment clarifies any misunderstanding that the definition somehow applies a corpus of "banking" legislation to credit unions inappropriately. I again clarify that this definition does not apply financial services provisions to credit unions anew, nor could it be used for that purpose. The perception, that this definition turns on to credit unions a range of new legislative provisions from the wider financial sector, is mistaken.

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