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

I agree with colleagues that the amendments have improved the section substantially by doing away with the more ridiculous exclusions. However, there is a fundamental distinction between a volunteer and an employee or a director. The credit union is a unique organisation which has given so much to the country. We need to arrive at the correct balance. The next group of amendments deals with the term limit - 12 years out of 15. I made the point yesterday on Report Stage in the Seanad that it was only when the Bill was passed by both Houses and became law that all these sections would apply. For example, a person may have served for 30 years, but he or she will only be appointed as a director next year. The Bill will be another transition for the credit union movement and it is certain this issue will be considered again in the next few years. I understand the point made by Deputy Pearse Doherty. The next group of amendments provides that the Central Bank is empowered to put to one side the exclusion if a credit union cannot find people because of the term limit. The Deputy has argued dthat the same should apply to volunteer and employees. I understand the logic of his argument. When this new regime and the transition period begin, we may need to look at any problems with the exclusion of volunteers. Beginning with the report of the commission, there has been an argument that this distinction is needed to ensure potential conflicts of interest are minimised and that the best governance system will be in place for all credit unions.

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