Gerald Nash (Louth, Labour) | Oireachtas source

I move amendment No. 1:

In page 4, to delete lines 2 and 3.

Deputy Sherlock, who tabled the amendment, is not present, but he has a keen interest in this area. I am deputising for him. I will be brief.

Amendment No. 1 relates to proxy votes. As the Minister of State is aware, we are genuinely concerned regarding the application of proxy voting and how that would operate, as are some credit union organisations across the country. I understand the concluding remarks of the Minister of State on Second Stage regarding how proxy votes will be introduced as an option for credit unions and that they will not be permitted to use proxy votes during the interim period. He may correct me if I am wrong. More work may be done by the credit union movement and, indeed, between the credit union, the regulator and the Department before the proxy voting situation could be applied, assuming that the legislation as it is currently framed is passed. I understand that there is an urgency around allowing AGMs to take place and making modifications to the rules. Of course, people are anxious for dividends and so on to be paid early as possible. Under their own rules, credit unions are required to hold AGMs within certain periods of time.

Notwithstanding all that, there is a need to address genuine issues in respect of security, the general data protection regulation, GDPR, transparency and other important governance matters. That is what amendment No. 1 is designed to do. This is an issue of particular concern to my colleague, Deputy Sherlock, and I am interested to hear the views of the Minister of State on it. I would also be interested if he could elaborate on whether the Central Bank was consulted regarding this particular provision, as well as the other provisions of the Bill.

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