Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Amendment No. 19 gives the Central Bank and the registrar of credit unions broad regulatory powers. I am not objecting to that, because it is the purpose of the Bill. However, I have made the argument consistently as the legislation progressed through this House that a memorandum of understanding between the credit union movement and the Central Bank would strengthen the Bill and would be helpful in terms of identifying what each should expect of the other. I have lost the debate on that point and do not intend to re-engage in it now. However, I will make a last-ditch appeal to the Minister, Deputy Michael Noonan, to consider, after the Bill has passed, the merit of having a memorandum of understanding between the credit union movement and the Central Bank. The Minister has made positive soundings in this regard.

See this speech in context