Results 2,361-2,380 of 11,861 for speaker:Brian Hayes

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

Brian Hayes: Amendment No. 54 is being made to include the appointment of the risk management officer and compliance officer as one of the functions of the board. While the current wording provides these appointments as functions of the manager, such appointments are, however, more appropriate to the board itself. The deletions of subsections (4) and (5) are consequential to this amendment, as these...

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

Brian Hayes: It makes no difference now because the application of this will only emerge when the Bill has been enacted. I understand it will be another year before the full Bill is operational, so there is no retrospection. Given the fact that the 12-year rule on aggregate over 15 years would have to apply, looking forward I suspect we will have a decade to re-examine credit union legislation. It...

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

Brian Hayes: -----from, I presume, January 2014 that the 12 years will apply. The Senator's second question was whether we would see how this is operating within the next five to ten years, and I think we will. It has no retrospection because one could have served 50 years.

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

Brian Hayes: I suspect that Ireland will be in a much better place without me in 12 years time.

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

Brian Hayes: I have answered the Senator on this matter.

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

Brian Hayes: Amendment No. 127, which I am not allowed to discuss, attempts to argue for exceptional cases on term limits.

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

Brian Hayes: Yes.

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

Brian Hayes: Amendment No. 127.

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

Brian Hayes: Excellent. Am I allowed to discuss amendment No. 127?

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

Brian Hayes: It is. The purpose of amendment No. 127 is to allow the Central Bank to appoint a director under section 95A, even when that person may have exceeded the term limits set out in section 53(14) and section 76(N)(5). This addresses an issue raised by Deputy Pearse Doherty in the Dáil - the perfect symmetry between the Dáil and the Seanad is often explored and understood, as I know myself...

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

Brian Hayes: The terms.

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

Brian Hayes: Yes, the details.

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

Brian Hayes: Yes. For the information of the House, there is also a reference to the nine-year term in section 20 which relates to the nomination committee. This will be amended to refer to the new 12-year term and I shall table an amendment to this effect on Report Stage.

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

Brian Hayes: These amendments increase the term limits for the membership of the board of directors. During Report Stage in the Dáil, the Minister stated that he intended to bring forward an amendment, following consultation with the Office of the Attorney General, to change the term limit to 12 years in aggregate in a 15-year period. The commitment is now reflected in these amendments and it strikes...

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

Brian Hayes: As the leader of the Opposition stated, we all accept the necessity for a governance structure which is clear and transparent for everyone, and for making a distinction between operations on a day-to-day basis and the governance of the board. It is only appropriate from a prudential basis that we should attempt to put in place this distinction. My understanding is that Senator Reilly will...

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

Brian Hayes: We will not accept the amendment but we will put forward our own to express the Senator's position more clearly in the Bill. An argument has been put forward with regard to circumstances in which a credit union cannot get anyone, and we will make provision for it in a later amendment. I will provide the Senator with the reference to it in a moment. The exclusion issue was very hotly...

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

Brian Hayes: It is amendment No. 127. The problem is that we have not yet reached it so I cannot read it out. I am hamstrung by the Cathaoirleach.

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

Brian Hayes: These amendments relate to eligibility for membership of the board of directors and have arisen from constructive debates with Members from both Houses of the Oireachtas over the past number of weeks. This was another issue that Senators Reilly, Byrne, Gilroy and D'Arcy raised in terms of the membership of the board of directors and we are attempting to meet this by way of the amendment. The...

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

Brian Hayes: The Bill allows Central Bank regulations to set out the classes of investment in which a credit union may engage. This could be used to allow for investments in a company where appropriate. The Bill will give the bank the power to set out the regulations in terms of the classes of investments that can be made. If the class is clear in the regulations, it is open for everyone to make...

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

Brian Hayes: This amendment makes provision for the election of a board of directors at the first AGM or SGM called after the organisation meeting of a new credit union. This amendment is necessary to ensure consistency between the board oversight and the way board of directors are elected. The amendment provides a transitional arrangement for the election of the board of directors at the first AGM or...