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

I refer to amendment No. 34. An amendment was made on Committee Stage in the Seanad to remove subsections (12) and (13) of section 15 as these will be provided for in a new fitness and probity regime which will be rolled out for credit unions on a phased basis, as recommended by the Commission on Credit Unions. Further amendments were also made to amend the cross references caused by the deletion of subsections (12) and (13) by amendment No. 37.

Amendment No. 51 amended paragraph (f) in section 17(1). This section previously provided that a person performing management functions in a credit union must have particular knowledge, skills, experience, qualifications, competence and probity to carry out these duties effectively. This was deleted by an amendment in the Seanad as it would be covered separately under the fitness and probity regime which will be rolled out for credit unions over time. In effect, we are removing the fitness and probity references because they are surplus to requirements given that they will be rolled out over time. The application of fitness and probity requirements was agreed by the Commission on Credit Unions and will apply, depending on the nature of the scale and the complexity of the credit union concerned.

Amendment No. 52 deleted paragraph (p), as it referred to requirements set out in subsections (12) and (13) of section 53. As these subsections were being deleted, paragraph (p) is now invalid. Amendments Nos. 53 and 54 also make the consequential cross references arising from the deletion of paragraph (p).

Amendment No. 73 deleted paragraphs (b) and (c) of subsection (5) of subsection 63A, as inserted by section 21 of the Bill.

When appointing a person as manager, it is necessary to ensure that the person appointed complies with all legal requirements. The list of requirements that a manager must fulfil has been deleted as these standards will also be set out under the fitness and probity requirements which will apply to credit unions in line with the recommendation of the Commission on Credit Unions. These measures will be rolled out to credit unions over time and they will take account of the size and scale of credit unions. This amendment ensures that the person appointed as manager will comply with all legal requirements, including those prescribed by the Central Bank. Further amendments were made on Committee Stage in the Seanad in order to correct the cross-references arising from the deletion of section 53(12) and (13), as inserted by section 15 of the Bill.

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