Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I reiterate that the Government acknowledges and recognises the good work that is being done by various co-operatives throughout the country, be they in the agrifood sector, group water schemes or housing co-operatives. Their work is recognised and it is on the basis of that good work that my Department has already started the work to bring forward the necessary legislative change. That legislative change will recognise the distinct identity reflecting co-operative ethos, reduce the number of members required to form a co-operative, revise the provisions on debentures and introduce audit exemptions in line with the approach taken in the Companies Act 2014. The Deputy will be aware that the Companies Act 2014 required a vast volume of work.

It took a lot of time, and now that it has been done there is the opportunity to move it at an accelerated pace in respect of this legislation. I anticipate engaging fully in this regard with the Deputy before the end of the year.

See this speech in context