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

I understand the Minister, Deputy Noonan, has discussed this issue with the Deputies. A consultation protocol was established two weeks ago. The Minister's view is that were he to include provision in the Bill for what the Deputies are proposing, that might tie the hand of the regulator and be too prescriptive. The Oireachtas gives the regulator powers on the basis that he or she will operate them in accordance with the independence of the office. The Minister has made clear that he has an open mind on the issue. As I said, the consultation process is now established and we will glean something from that. However, the Minister is not proposing at this stage to formalise it in the way the Deputy has suggested. We do not wish to cut across the very important work of the regulator in this matter or to tie his or her hands. I hope common sense and judgment will prevail in dealings between the Central Bank, the regulator and the credit unions, which will ensure there is no need to impose prescriptions on the regulator. A memorandum of understanding is a more formal way of specifying what we all want to see, namely, a proper protocol for dealing with these matters. We will keep a watching brief on the situation.

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