Results 7,841-7,860 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: The issue of the ATMs has been discussed but this is a slightly different amendment. It is tabled under section 13 but it is in fact alien to that section, which deals with reserves. I will deal with the substance of the amendment, however. Credit unions already have access to payments infrastructure through providers such as Bank of Ireland, AIB and BNP. The Irish League of Credit...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: They have to undergo a Central Bank application process. It is not a matter for the Minister; it is for the bank and others in the sector who may like to provide similar services. These services are commercial in nature. I am not opposed to the ILCU's plans and I wish it with them well but they are not within my area of responsibility. I do not want to inhibit the project from...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I will keep a look out for any evidence that may emerge to suggest that is happening.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I will begin the debate on the governance area by setting out the briefing note for the section. Section 15 implements a number of the recommendations set out in chapter 11 of the commission's report, while also retaining certain measures provided for in section 53 of the Credit Union Act 1997. This section substitutes a new section 53 of the 1997 Act which provides that credit unions...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: No, it goes forward. That is the position. Many amendments have been tabled about this and I would like to hear the views of members.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: There are two different issues. The new requirements run from the enactment of the legislation. It is not as onerous as presented. Amendment No. 24 would mean that a director could sit for five years before standing for re-election. This is a term limit but this is not the issue. Serving nine years out of 15 is a different issue. A director who has served three years can be re-elected...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: There are misunderstandings about these provisions and much of what we are doing is providing clarity.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: Term limits are quite common in the United States.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: The Deputies are quite familiar with the process. The Long Title of the Bill states in summary the purpose of the legislation. It includes the fact that the objective is to change the governance requirements for credit unions by removing certain management functions from the boards of directors of credit unions, providing for a separate management structure and improving the oversight and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I find this a helpful discussion because we all have an interest in improving the legislation. The opening position is that we want to strengthen the credit union movement. One of the weaknesses identified was governance. As members know from their experience, governance varied from very good to not so good. Volunteers are absolutely vital but there are only 18 credit unions out of over...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I am inclined to leave that matter to the rules of the credit union. If we give this hint to the Irish League of Credit Unions, it will design something appropriate that will run through the system. There is a real issue but we do not want to do something that is excessively harsh and holds someone up to opprobrium in a community where previously he or she was a person of status. We can...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I move amendment No. 31: In page 20, line 5, before “Financial” to insert “the”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: The commission considered all of these matters and I am following its recommendations closely. I repeat that the three credit union movements were represented on the commission. When their representation was combined, they were by far the biggest group, and they wanted to go down this road. I am most interested in establishing the principle. With regard to the practicalities, this...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: Speaking extemporarily, if the Deputy were to draft an amendment for Report Stage, confine its import to tier one credit unions and refer to the Registrar of Credit Unions rather than the Central Bank, I would consider it on its merits.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: We have discussed this issue.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: The Commission on Credit Unions, on which all the credit union representative bodies were represented, recommended this measure and all members of the commission signed off on it. It is a good idea to include in the legislation a requirement for the rotation of the principal. This proposal provides an opportunity for renewal. We are not speaking of organisations that were perfect but...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I move amendment No. 40: In page 21, between lines 37 and 38, to insert the following subsection:"(2) An amendment to the rules of a credit union passed in accordance with section 14(1) of the Principal Act to give effect to section 53(3) of that Act, as amended by subsection (1), shall have immediate effect notwithstanding section 14(2) of that Act.".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I move amendment No. 41: In page 22, to delete lines 8 to 11 and substitute the following:"(4) Subject to subsection (10), the chair shall cause a detailed agenda of items for consideration and discussion to be prepared by the secretary of the credit union for each meeting of the board of directors.".These are technical amendments.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I move amendment No. 42: In page 22, line 29, to delete "shall".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Michael Noonan: I move amendment No. 43: In page 24, lines 8 to 10, to delete all words from and including "manager," in line 8 down to and including "officer" in line 10 and substitute "manager and risk management officer".