Results 7,881-7,900 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: I move amendment No. 71: In page 51, lines 5 and 6, to delete “subparagraph (i).”.” and substitute the following:“subparagraph (i).(7) The internal audit function shall have access, at all times, to the books and documents (including draft documents) of the credit union to enable it to carry out its functions under the 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. 72: In page 51, to delete lines 21 and 22 and substitute the following:“(a) Part IV, this Part and any regulations made for the purposes of Part IV or this Part, and”.

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

Michael Noonan: As my amendments are technical, there is no need to address them here. With regard to the amendments brought forward, I intend to apply the same criteria as applied to the main board. Therefore, where I have moved back from exclusions in that regard, I will move back from exclusions in this area. We will try to have one mirror the other.

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. 80: In page 54, lines 12 and 13, to delete all words from and including “in” in line 12 down to and including “Part.” in line 13 and substitute the following:“in accordance with Part IV and this Part and any regulations relating to Part IV or this Part.”.

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. 81: In page 54, to delete lines 14 to 16 and substitute the following:“(3) The board oversight committee shall have access, at all times, to the books and documents (including draft documents) of the credit union to enable it to carry out its functions under the 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. 82: In page 54, to delete lines 24 to 30 and substitute the following:“(6) The board oversight committee may notify the Bank of any concern it has, that the board of directors has not complied with any of the governance requirements set out in this Part or regulations made thereunder, following a unanimous vote at a meeting of the committee called for the purpose...

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. 83: In page 54, lines 34 to 36, to delete all words from and including “in” in line 34 down to and including “2012.” in line 36 and substitute “in accordance with Part IV and this Part.”.

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. 85: In page 57, subsection (2), line 34, to delete “remainder the term” and substitute “remainder of the term”.

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. 86: In page 58, before section 29, to insert the following new section:29.--The Principal Act is amended by inserting the following after section 84:“84A.--Without prejudice to any other function exercisable by the Bank, where the Bank considers it appropriate or necessary in the circumstances, it may make regulations for any of the following purposes:(a)...

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

Michael Noonan: The Credit Union Commission recommended that a consultation protocol should be in place between the Central Bank and the credit unions. This protocol is to be developed following consultation between the Central Bank, the Minister, credit union representative bodies and the Credit Union Advisory Committee. The protocol is to set out how the Central Bank proposes to engage with 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: As I said earlier, the protocol is being developed between the bodies I named. It is to set out how the Central Bank proposes to engage with credit unions in any formal consultation process prior to the introduction of new regulations. The protocol may also provide for varying levels of consultation depending on the nature and complexity of the regulation being proposed. This will have the...

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

Michael Noonan: Absolutely. It should be done but on a non-statutory basis and I believe it will be quite effective on a non-statutory basis. If it is put on a statutory basis we could end up with a credit union trying to take the Central Bank to court or something like that. Given what we have seen in the financial services industry in the past, the Central Bank, as regulator, must be able to move, and...

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

Michael Noonan: If that is the way one puts it, I suppose that is the case, in the way the Deputy is putting the amendment.

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 recommended a consultation protocol and that has been drafted by the Central Bank. The Irish League of Credit Unions is sufficiently satisfied with it to make a submission, which is being considered by the bank. I have a draft here which begins: "The Central Bank of Ireland is committed to having clear, open and transparent engagement with stakeholders in fulfilling its...

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 looking for legal advice. I have just been told it is still in the ownership of the bank. When it is finalised, it will be circulated.

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

Michael Noonan: There is a further obligation on the Central Bank to put in place a prudential rule book so that credit unions have clarity on what is expected of them. When one takes the two together, it seems to be fit for purpose and reasonable.

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

Michael Noonan: All of Deputy Pearse Doherty's arguments are based on representations made by the credit union movement, which is fine. However, my perspective must focus on the best way to regulate the credit union movement. I am sticking on this one and not giving ground.

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. 93: In page 59, lines 25 to 29, to delete all words from and including “and” in line 25 down to and including “liabilities” in line 29.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. 94: In page 59, lines 30 to 34, to delete all words from and including “The” in line 30 down to and including “requirements.” in lines 33 and 34 and substitute the following:“The Bank may prescribe the liquidity requirements that a credit union is required to maintain at a minimum as well as conditions on the application of the liquidity...

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. 95: In page 59, line 38, after “proportion” to insert “and nature”.