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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: What happens if that occurs?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Am I correct that what the forum is advocating is an absolute prohibition on remuneration of anybody in the system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Yes out-of-pocket vouchable expenses.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Has the National Supervisors Forum a recommendation regarding the procedure for the removal of a director or a board?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Is the National Supervisors Forum just noting this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Regarding head 22, the National Supervisors Forum proposes there should be an additional subhead such that the board could facilitate the oversight board to have continued access to all books, documents and reports. It is also proposed that the board of directors must within one month respond in writing to the oversight committee on all matters raised at quarterly meetings with the board....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: In head 25, the National Supervisors Forum has proposed an additional provision that to facilitate the work of the oversight board, it would be provided with all requested assistance to enable it to carry out its functions. Can Mr. Mulvey explain this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: These are the various responsibilities of the manager.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Head 27 deals with the nomination committee. Is the National Supervisors Forum proposing a separate nomination committee?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: That means the oversight board would establish a nomination board to deal with vacancies for the oversight board.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: That means it would generate replacements.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Are there any risks, even remote, of manipulation or self-perpetuation?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Head 29 concerns the titles of the members of the oversight board. If the committee is to be retitled as proposed in the legislation, the National Supervisors Forum wants the members of the board to retain the title of supervisor.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Are there any questions for other members?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: That is appreciated. Mr. Kevin Johnson of the Credit Union Development Association, CUDA, made a submission to the committee. Again it concentrated to some considerable extent on this broad question of governance. It is an area that has preoccupied most of the delegations that have presented to the committee. We have had much discussion on head 20 concerning term limits. What is Mr....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: I stressed that one. I will go through the others.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: I have now found Mr. Johnson's submission and will be able to take him through the issues he identified. I have read it also but I could not find it momentarily. Would Mr. Johnson deal with the nine over 15 first?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Is it CUDA's view that the nine year rule is too restrictive and the system would be better served if the Central Bank's rules in respect of credit institutions generally were applied?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Yesterday it was urged that the Minister should consider the possibility that, instead of there being any rules at all in statutory form, the credit unions should be invited to initiate their own rules. At least, I think that is what we were told yesterday afternoon. Does Mr. Johnson agree with that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Is that the way to solve the problem?

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