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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: The regulator is acting on foot of the legislation While we focus on Central Bank regulation, it is the legislation which causes the difficulty, Therefore, any change that is needed must be made to the legislation. Can Mr. Johnson separate those two things for us? Some legislation has been passed and is working while other legislation has been passed but is not working. The legislation...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: Is that the central piece which has to be corrected?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: What engagement have witnesses had with the Minister or his officials and the Central Bank or its officials on this issue?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: What engagement has the Irish League of Credit Unions had with the Minister, officials, the Central Bank and the regulator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: When was the last time the representative bodies met the Minister?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: When was the last time you met the Central Bank and the Financial Regulator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: What comes out of those meetings? What was their reaction to the different requests and issues you have? Did they-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: That is the experience Mr. McCrory has had with the Financial Regulator and the Central Bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: Tarnish someone with the brush. I am sorry but Mr. McCrory should tarnish someone with the brush because we are here and listening to the submission he is making. Mr. McCrory said in his opening statement that he is searching for champions. I do not believe there is anyone in the Houses who would speak against a credit union. I am a member of a credit union and many Members right across...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: Small business loans?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: The credit unions are probably keeping the banks afloat. Essentially that is what is happening. Were credit unions to all pull their money out from the banks, they would all start crying for help again. It seems to be the case that there is a vested interest here.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: How much money have credit unions invested in banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: It appears to me that the credit unions are a victim of their own success and a victim of the banks' requirement for the maintenance of the status quofor protection of the banking system.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Overview of the Credit Union Sector: Discussion (21 Mar 2017)

John McGuinness: I have to attend another meeting. I apologise for having to leave but I am delighted that the witnesses are here. Senator Horkan will take the Chair. The committee will revert back to today's witnesses after our meeting on Thursday.

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: My interest here is that Taxback is based in Kilkenny and is a well-respected employer, as is ConnectIreland, not just in the constituency but throughout the world. Taxback has been extremely successful in the work it does and, likewise, with ConnectIreland. I want to put on record that the level of arrogance shown by the IDA by not turning up is something I have not seen in this House...

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: The Department has been working with the IDA and ConnectIreland. How much does it cost them to create a job?

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: Mr. Richard Scannell should know. He is from the Department.

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: If Mr. Richard Scannell is in control of policy and strategy, he would know the figures. At least, he should. Can he tell me how much it costs ConnectIreland to create a job?

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: That is ConnectIreland’s €4,000 versus the Department’s €10,500. The Department claims it has created 535 jobs. How much would ConnectIreland say it has created in terms of the engagement the Department has had with the IDA and ConnectIreland?

Joint Oireachtas Committee on Jobs, Enterprise and Innovation: ConnectIreland's 'Succeed in Ireland' Programme: Discussion (21 Mar 2017)

John McGuinness: That is fine. I am just trying to get the picture here. Mr. Scannell has outlined his understanding.

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