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

I hear what all the Deputies are saying. There is an opportunity here to do something imaginative. Although this section is all about ensuring that credit unions use their investments with judgment and common sense, there must be a recognition that where public projects arise that could have a mutual benefit for credit union members in communities known to credit unions, it makes sense to invest in them, having regard to any potential risks. The way we approached this in the amendment was to give power to the Central Bank to bring forward the regulations. This seemed to get over the legal hurdle that had been present up to the point when we had our discussions with the Office of the Attorney General. There is nothing to stop the Department of Finance, with other Departments, as Deputy Doherty suggested, bringing forward ideas and proposals or a scheme of ideas, in tandem with the regulations the Central Bank will make. This is positive because it is about delivering for an entire community. Such a community also looks to the future as to where its investments can best lie and how community benefit can best be obtained. They are the people who know best, and that can be tempered by a standard form of regulation which the Central Bank can stand over. I believe we are all in agreement on that.

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