Results 2,221-2,240 of 11,861 for speaker:Brian Hayes

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: This amendment clarifies that the requirement which the bank may prescribe under section 66(C)(1) of the 1997 Act relate to the form and content of the compliant statement to be provided to credit unions.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendment No. 76 ensures the secretary acts at all times in a manner free from conflict. Where a potential conflict is identified between his or her own interests and the interests of the credit union, the secretary must declare the nature of his or her interest in writing to the board and service notice of that conflict on the chair. The other amendments are minor technical...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendments Nos. 85 and 87 delete references to the risk management officer or compliance officer having the necessary experience to manage the functions of their role. This does not need to be provided for here as these standards will be set out under the fitness and probity regime which was agreed with the Commission on Credit Unions. These measures will be rolled out in credit...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: These are technical amendments.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Seanad amendment No. 121 provides a more specific definition of “liquid assets”. Seanad amendment No. 122 clarifies the definition of “maturity mismatch”. Seanad amendment No. 123 ensures the proportion of liquid assets to be kept by a credit union will take account of the nature, scale and complexity of a credit union, ensuring that a one-size-fits all approach is...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 55 allows the board to nominate a director to present the accounts to members at the AGM. This role was previously performed by the treasurer; however, as the position of treasurer is being removed, the amendment will merge the reporting roles, but it will do so in a different way. It also provides that it is the role of the board to consider any update on financial statements...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: The amendment deletes the word "either" from the sentence concerned as its inclusion is a typographical error.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: The amendment sets out new provisions concerning the suspension and removal of directors of the board oversight committee. Issues arose during the debate in the Dáil about the procedure for the suspension and removal of directors, particularly in relation to the directors concerned being provided with written notification of the board oversight committee's reasons for taking action...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: On the board of a credit union.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: We all share the common goal of ensuring that credit unions have the requisite number of staff with suitable qualifications and skills required to the job they are being asked to do. Deputy Doherty made a fair point in asking whether we are now accepting a pretty cumbersome set of circumstances whereby, if a credit union found it did not have the correct range of skills required on its...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: A further minor technical amendment was made on Committee Stage in the Seanad to clarify that the secretary must inform the Central Bank were all directors intend to resign on the same day. Amendment No. 49 was made on Committee Stage in the Seanad to remove unnecessary wording in section 16. The secretary is a board member and, as such, is entitled to attend board meetings.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 50 was made to include the appointment of the risk management officer and compliance officer as one of the functions of the board. The current wording provides for these appointments as functions of the manager. However, they are more appropriate to the board. The substantive change to the Bill before it was amended was that they related to the manager's functions, but we...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: The length of service.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Yes, if they can find someone.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I agree with colleagues that the amendments have improved the section substantially by doing away with the more ridiculous exclusions. However, there is a fundamental distinction between a volunteer and an employee or a director. The credit union is a unique organisation which has given so much to the country. We need to arrive at the correct balance. The next group of amendments deals...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I tabled a number of amendments on Committee Stage in the Seanad to increase the term limits of members of the board of directors. This arose from discussion with colleagues opposite on Committee and Report Stages in this House. On Report Stage the Minister for Finance had stated he intended to bring forward an amendment, following consultation with the Office of the Attorney General, to...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: This group of amendments relate to the fitness and probity requirements.

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: This group contains the amendments about which Deputy Doherty is concerned. A number of amendments were made on Committee Stage in the Seanad which relate to eligibility for membership of boards of directors and which arose as a result of constructive debates with Deputies and Senators in both Houses in recent weeks. The effect of these amendments will be to reduce the exclusions that would...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: I hear what all the Deputies are saying. There is an opportunity here to do something imaginative. Although this section is all about ensuring that credit unions use their investments with judgment and common sense, there must be a recognition that where public projects arise that could have a mutual benefit for credit union members in communities known to credit unions, it makes sense to...

Credit Union Bill 2012: From the Seanad (13 Dec 2012)

Brian Hayes: Amendment No. 33, made in the Seanad, makes provision for the election of the board of directors at the first annual general meeting or special general meeting called after the organisation meeting of a new credit union. This amendment was necessary to ensure consistency between the ways the board oversight and the board of directors are elected. It provides a transitional arrangement for...