Results 2,441-2,460 of 26,021 for speaker:Kieran O'Donnell

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

Kieran O'Donnell: Those in attendance represent two large credit unions and one medium-sized credit union. Is that correct? Mr. Owens has spoken from the perspective of a particular cohort of credit unions. How many credit unions among the main cohort have assets of €50 million or less? Would most credit unions in Ireland have such assets?

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

Kieran O'Donnell: Is it correct that a director of a nominating committee may remain on the committee for more than nine years provided the committee gives valid reasons for any such decision? Does this issue need to be clarified in the Bill?

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

Kieran O'Donnell: Does Mr. Owens believe credit unions would be able to work with section 12 if it were clarified? For instance, could exceptional members of the nominating committees be able to remain on the board for more than nine out of 15 years? We should bear in mind that smaller credit unions are experiencing difficulties in replenishing their boards.

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

Kieran O'Donnell: If the section were amended to allow members to make the decision on extending board membership to beyond nine years, could the provision work?

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

Kieran O'Donnell: We probably agree that requiring any such extension in the term of a member of the board to be ratified by the board and members could offer a way forward. The section, as drafted, appears to put credit unions in a different category from other financial institutions. Perhaps this provision could be amended to address that specific issue.

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

Kieran O'Donnell: The ethos of credit unions requires that directors are elected by members who are similar to the shareholders of a company. Is it possible to allow the treasurer to continue to reflect back to the membership while producing a formula that would tighten the structure? Treasurers effectively assume the role of manager of the credit union. Could the structure be revised to give more comfort...

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

Kieran O'Donnell: It would be worthwhile to meet them, nonetheless.

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

Kieran O'Donnell: I have a question on financial statements, with the treasurer and manager reporting to the board. Will the witnesses give an example of who prepares the statements in a typical credit union? I presume they are all computerised. Are these management accounts? Are there accruals and prepayments or a set amount of reports? Will the witnesses indicate the procedure as it seems a bit...

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

Kieran O'Donnell: I am more interested in the monthly process.

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

Kieran O'Donnell: The manager would meet the treasurer.

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

Kieran O'Donnell: I believe, as an accountant, it is the kernel of the matter.

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

Kieran O'Donnell: Absolutely.

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

Kieran O'Donnell: I will not delay the meeting but it is very simple. We want regulation of the system. I want to know, in practical terms, how the operations involve the treasurer. This matter could probably be overcome by a finance committee. The treasurer could chair that committee. Ultimately, we cannot lose sight of the ethos by which credit unions operate. We must find a solution by thinking...

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: Will the Chairman repeat the last point, as I did not catch it?

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: That is fine.

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: What is the formal procedure for laying it before the Houses?

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: That is fine.

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: In the same vein-----

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: We are about to undertake an important body of work. Would it be possible for this committee to see the correspondence that was sent to the various Departments-----

Public Accounts Committee: Business of Committee (27 Sep 2012)

Kieran O'Donnell: -----and that there would be a structured feed-in to ensure all members of the committee are aware of the process? We have written to the Departments. In terms of the way we will structure the hearings, the committee has a reputation for being independent of mind, inclusive and working very much in the public interest. The public would like to see the actual process as much as the end...