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

This is another of the Opposition amendments that was debated with the Minister, Deputy Noonan, at the select committee.

Amendment No. 31, made in the Seanad, follows on from the discussion on Committee and Report Stages in this House where the Minister committed to examining this section in order to allow a credit union to invest in public projects. This amendment arose out of discussion with the Office of the Attorney General on the issue, and makes clear that the power of the Central Bank to make regulations relating to investments includes scope for making regulations in respect of investments in public projects. The Minister remains open to credit unions coming forward at an early stage to outline their proposals in respect of such investments. A further amendment to this section was made in the Seanad. What the Minister has done in the amendment we asked the Seanad to agree - as it did - is effectively to include public projects for the purposes of allowing the Central Bank to make regulations. I know that was a key concern of Members opposite.

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