Results 2,341-2,360 of 11,861 for speaker:Brian Hayes

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides for the inclusion of a definition of "stabilisation support" in section 39, referring to the definition of "stabilisation support" which already appears in section 62 of the Bill.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 130 consolidates the provisions relating to ReBo's power to carry out certain functions. The power to appoint staff is provided for in section 54 and the power to organise meetings is set out in section 50. As a result, unnecessary references in this section to those powers are being removed by this amendment. Amendment No. 131 deletes section 44(3). Subsection (3) is not...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendments Nos. 132, 148, 153 and 154 are technical amendments which provide for consistency in the references to "financial support" to be provided from the Credit Union Fund under Parts 3 and 4. Financial support may take the form of a payment, a loan, a guarantee, an exchange of assets or any other kind of financial accommodation or assistance. This is consistent with both the Credit...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment provides that the ReBo levy which is to be paid by credit unions will be paid into the Credit Union Fund rather than paid into or disposed of for the benefit of the Exchequer. The expenses incurred by ReBo will be paid out of the Credit Union Fund and therefore it is appropriate that the levy received to recoup those expenses should be paid into the Credit Union Fund.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 125 provides a more specific definition of "liquid assets", which is always very useful in these types of Bills. Amendment No. 126 ensures that 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, thus ensuring that a one size fits all approach is not taken and that the composition and maturity of...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Section 30(3) indicates: The Bank may prescribe the minimum liquidity requirements that a credit union is required to maintain as well as conditions on the application of the minimum liquidity requirements. Regulations made by the Bank for the purpose of this section may deal with other matters One of the recommendations from the commission was on this idea of a tiered regulatory approach...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Following on from discussions in this House and Dáil Éireann and in line with amendments to the term limits of directors, the term limit of committee members is being extended from the proposed nine years out of an aggregate 15 years to 12 years out of an aggregate 15 years. Amendment No. 115 deals with possible waivers from term limits and is grouped with amendment No. 43 in section 15....

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: I thank Senator Reilly for her amendment, which would provide for a memorandum of understanding between the Central Bank and credit unions. This issue was discussed in some detail on Committee Stage in the Lower House, when the Minister for Finance made it clear that he would be sticking with the Bill's current provisions. The bank has already published a consultation protocol for credit...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This group of amendments refers to the exclusion from the board oversight committee which is contained in section 27. There was much constructive debate in the Dáil and on Second Stage in the Seanad about the eligibility for membership of the board oversight committee. A number of amendments were proposed earlier relating to section 53(10) regarding changes to the exclusion from the board...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 79 ensures the secretary acts at all times in a manner that is free from conflict. If this was useful in a political party, I suspect it might be useful in a credit union as well. Where a potential conflict is identified between his or her interests and those of the credit union, the secretary must declare in writing to the board the nature of his or her own interests and...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendments Nos. 88 and 90 reflect the changes in the functions of the board to include the appointment of a risk management officer and a compliance officer. The current wording provides that the manager of the credit union will carry out these functions. However, these functions are proper to the board so that is why they are being separated. These amendments delete the reference to the...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 118 deletes section 76Q(1), (2) and (3) as this subsection sets out the skill requirements and training requirements for committee members. However, as noted previously, these standards will be set out separately under the fitness and probity regime. The remaining amendments in this group are minor technical amendments.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendments Nos. 94, 96 and 117 are also technical in nature and are consequential on the tabling of other amendments.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 59 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 is being introduced to maintain the reporting roles in a different way. The amendment also provides that it is the role of the board to consider any updated...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: The amendment is straightforward. It proposes to delete the words ?either? from the sentence concerned as its inclusion is a typographical error.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: Amendment No. 68 increases the maximum consecutive term for the chair from three years to four years. The term of office of the chair is for a period of one year. Currently, a chair is not permitted to serve more than three consecutive terms in the position. The Minister, Deputy Noonan, agreed on Committee Stage in the Dáil to increase the maximum consecutive term for the chair from three...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: The amendment sets out new provisions concerning the suspension and removal of directors by the board oversight committee. Issues arose in the Dáil on the procedure for the suspension and removal of directors, in particular in terms of the director concerned being provided with written notification of the board oversight committee?s reasons for taking action under the section. The...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: As I told the Senator earlier, the Government is introducing its own amendment No. 127, rather than accepting her amendments Nos. 43 and 115. The Department believes this will deal with the point she and her colleague, Deputy Pearse Doherty, have made both in this House and the Dáil in respect of the exception and makes provision for that in the Bill. The point highlighted in this House...

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This is a minor technical amendment that clarifies that the secretary must inform the Central Bank where all directors intend to resign on the same day.

Seanad: Credit Union Bill 2012 : Committee Stage (11 Dec 2012)

Brian Hayes: This amendment removes unnecessary wording, as the secretary is a board member and as such is entitled to attend board meetings.