Results 7,341-7,360 of 9,393 for speaker:Alex White
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: The IBF is entitled to appear before the committee to make its submission. I now invite Mr. Kevin Morris to make a submission on behalf of FMB Chartered Accountants. I understand his comments pertain to a number of net issues. One issue that arises is that of public interest entity. He is concerned that the level of intervention in forthcoming European measures will be relatively onerous...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Before I open the floor to members, I wish to ask a question about the Credit Union Act 1997. I want to ensure that we dispose of the specifics, in the first instance, and then members might want to questions that are more general in nature but which are also important. MABS has identified issues with the proposed amendments to sections 32, 37C and 46 of the 1997 Act. Will Ms O'Connor...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: We would not ask Ms O'Connor to make any suggestions. Is she stating that the current draft does not achieve what it purports to achieve.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Understood. What is the position with regard to section 37C, which relates to the cooling-off period?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: So the net point is that it should be mandatory. Should that be the case in all circumstances?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: What is MABS's concern with respect to section 46?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Our guests from MABS are going to stay with us but I wish to move on to Ms O'Rourke because, as already stated, I wish to get the specifics out of the way before dealing with more general matters. The IBF's submission is quite new in the context of what it says. That is both useful and important. It is fair to state that what it is suggesting is that there must be an equivalence in respect...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: The specific issue the IBF raises relates to Part 5 of the scheme of the Bill, which deals with amendments to existing legislation. Is that correct?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Why?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: I have not had an opportunity to read Part 5 in detail. However, it is fair to raise a question as to whether it will achieve what is envisaged. Having considered Part 5, is Ms O'Rourke of the view that it will do so?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Is the IBF of the view that it will not achieve what is envisaged?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: The IBF's submission notes that the recommendation of the commission and the subsequent amendments specify a number of enactments - including the Consumer Credit Act 1995 - which do not apply to credit unions. The submission also states that the draft Bill does not make clear the extent to which credit unions will be subject to the various codes promulgated by the Central Bank under section...
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: The IBF is of the opinion that it should be so. If it is established that it is not so, then that is problematic.
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Are there any questions from members on this specific issue?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Was that view canvassed in the course of the commission's deliberations?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: The legislation will be published and it will come back to the House on Second Stage and then on Committee Stage. Do I take it there is no specific change in that regard other than that MABS is drawing the committee's attention to its concern?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: That is fine. On head 6, MABS refers to a stress test. It suggests supplementing the requirement to verify the credit union member's ability to repay a loan with reference to a stress test to safeguard the repayment of the loan in the future. Would Ms O'Connor elaborate?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: How would the stress test be constructed? Would that happen within the credit union or would there be advice as to a standard stress test?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Credit unions have traditionally always had in place a basis and rationale upon which they determine whether - and if so, how much - to lend. Is this in addition to that? Is this something new that MABS considers should be there?
- Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)
Alex White: Head 8 is the question of a strategic plan. There is a requirement in head 8 of the draft scheme that each credit union would adopt a strategic plan which documents in writing the strategy and objectives of the credit union. That seems eminently reasonable. I have not heard any objections to that. What would Ms O'Connor say in that regard? Has MABS concerns there?