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

Seanad amendment No. 121 provides a more specific definition of “liquid assets”. Seanad amendment No. 122 clarifies the definition of “maturity mismatch”. Seanad amendment No. 123 ensures the proportion of liquid assets to be kept by a credit union will take account of the nature, scale and complexity of a credit union, ensuring that a one-size-fits all approach is not taken and that the composition and maturity of a credit union’s assets and liabilities is also taken into consideration.

This is line with the commission's recommendations on a tiered regulatory approach. This was in the Bill as published but was mistakenly removed from the Bill as amended on Committee Stage in the Dáil. These amendments clarify the issue and, as I noted in the other House yesterday, make it clear that the tiered approach will not compromise small credit unions or those which have a different range of depositors. That is what these three amendments are for.

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