Results 2,381-2,400 of 11,861 for speaker:Brian Hayes

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

Brian Hayes: Amendment No. 40 removes subsections (12) and (13) as these were provided for in new fitness and probity requirements which are to be rolled out for credit unions on a phased basis as recommended by the commission for credit unions. Amendments Nos. 36, 41, 44, 46 to 50, inclusive, 69, 169 and 170 amend the cross-references following the deletion of subsections (12) and (13) by amendment No....

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

Brian Hayes: This amendment is minor and corrects a cross reference.

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

Brian Hayes: This amendment enhances the principles behind the regulation making power of the bank in respect of the investments that a credit union may invest in and links it to the need to avoid undue risk to members' savings.

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

Brian Hayes: The third amendment, No. 33, follows from the discussion on Committee and Report Stages in the Dáil where the Minister committed to examining this section to allow a credit union to invest in public projects. Members will recall a good discussion on Second Stage where a number of colleagues put forward the view that credit unions could invest in public projects. This amendment arises out...

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

Brian Hayes: The Bill refers to "the classes of investments the credit union may invest in;". We are now suggesting "the classes of investments including, where appropriate, any investment project of a public nature may invest in;". I believe that is wide enough to allow for the point made by Senator D'Arcy. However, it is predicated on regulations that would follow from the Central Banks. Rather than...

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

Brian Hayes: Amendments Nos. 20 and 21 involve a redraft of the Bill as published. Following further consideration, it was felt that the provisions in section 29, which proposed to insert a new section 84A in the 1997 Act would be more suitable under section 9. The section deals with the policies, procedures and practices that a credit union must have in place to ensure it is in compliance with the...

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

Brian Hayes: The amendment sets out the basis on which credit unions may borrow money and links it to the purposes of the credit union objects set out in section 8 of the Credit Union Act 1997. These include the creation of sources of credit for mutual benefit of members, the use and control of members' savings for their mutual benefit and the improvement of the well-being and spirt of the members' community.

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

Brian Hayes: The amendment provides for a transitional arrangement whereby an approval by the Central Bank under section 35(2) of the Credit Union Act 1997 in respect of longer term lending by a credit union would continue to have effect upon commencement of this section. Amendments Nos. 25 and 27 were discussed with amendment No. 18. These are minor technical amendments which allow the regulations to...

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

Brian Hayes: Deposits are limited to ¤100,000 per saver and savings are limited to a total of ¤200,000 between shares and deposits or 1% of the total assets of the credit union, whichever is the greater. The deposit guarantee scheme does not apply to credit unions. Members' savings up to ¤100,000 are protected under this scheme.

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

Brian Hayes: My understanding is that they will be set out in regulations. They do not apply to individual credit unions but to classes of savers within credit unions. They will be set out in regulations.

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

Brian Hayes: It is also my understanding that consultation is taking place. There is provision for that consultation and it will be set out in due course.

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

Brian Hayes: The measures are in existing legislation.

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

Brian Hayes: My understanding is that the 1997 Act has all the details in the primary legislation. If one were to do it one would not do it in this way. It is normal to set it out by way of regulation.

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

Brian Hayes: Not as it stands, no.

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: I can put the clarification note on the record, if the Senator would like that.

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

Brian Hayes: This clarification refers to savings in amendment No. 8. The Irish League of Credit Unions raised an issue in relation to alternative forms of funding, for example deferred shares. These types of shares are different from other credit union shares in being transferable but not withdrawable and carrying no right to borrow. These are generally repayable only on winding-up or dissolution of a...

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

Brian Hayes: It only applies to newly-formed credit unions and as I understand it, there is no application to existing credit unions. It is another layer of security where a new credit union is formed. We have not seen many of these in recent years but that is not to say that in future, this will remain the case. The proposal would only apply to new credit unions.

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

Brian Hayes: These are minor technical amendments which allow regulations to set limits in the form of a monetary amount as well as a percentage. In the context of these minor amendments, the section gives effect to recommendation 10.3.27 of the Report of the Commission on Credit Unions. It repeals section 27 of the principal Act and replaces it with a provision allowing credit unions to raise funds by...

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

Brian Hayes: I thank Senator Reilly for amendment No. 8. The commission report notes that services may be shared in a number of ways, including the establishment of central credit unions, corporate credit unions, credit union service organisations - CUSOs, but we will just call them "credit union service organisations" - or local alliances. Indeed, shared service arrangements are already in operation in...