Results 32,261-32,280 of 35,959 for speaker:Pearse Doherty

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I believe what we are looking at here is the same thing, whether one describes it as a consultation protocol or a memorandum of understanding. Essentially, the amendment places a legal requirement on the bank to have such a memorandum in place. The bank is legally required to have such a document, basically.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: We may return to this on Report Stage but the only problem at this point in time is that there is no legal requirement on the bank vis-à-vis the document the Minister has in his possession. It may be right and proper and so on. Perhaps that is why we are tabling it. The purpose of the amendment is to ensure there would always be a requirement to have an understanding between the banks...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: We should see the same attitude in this area. The points have been made with regard to boards of directors. This relates to oversight committee members.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I move amendment No. 79: In page 53, to delete lines 36 to 41.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I move amendment No. 58: In page 45, lines 41 and 42, to delete "and other financial services legislation".

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I move amendment No. 62: In page 48, to delete lines 14 to 16.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I welcome the Minister's commitment to extend the number of years a director may serve in a 15-year period. On subsections (15) and (16), I agree that renewal is good. Nobody in the credit union movement wants the same people to remain in place permanently. The problem, however, is that this sometimes becomes the reality because the pool of people available to serve as directors is small....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I have already commented on this section. Term limits do not exist anywhere in the OECD in the banking sector and I do not see the need for them in the credit union sector. We have discussed the impact on small credit unions and it is clear the Minister is concerned about this and that it is not the intention of the Bill to put pressure on them. Is there anything in the legislation that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: The Minister's comments about re-examining it in some areas are welcome. I will bank that and move on. There are still some matters on which the Minister has not provided me with any comfort. One is the issue of voluntary assistants in credit unions. The Minister talked about the possibility of excluding voluntary assistants of other credit unions from the provision, because there would...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: That is true. We value the fact that the credit union movement is a democratic movement, and strong regulation is important and must be robust. The legislation includes additional responsibilities and fitness and probity tests for people in this capacity in the credit union movement but this is not the issue I am raising. We need to be careful about the impact of this. On Second Stage the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: The engagement so far has been good, as has Minister's openness to examining our concerns, which reflect the concerns of the credit union movement. This is the red line issue for many people. It affects smaller credit unions because of the small pool from which they have to draw to attain volunteers who meet all the standards laid down in the legislation and previous regulations and the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: May I ask the Minister a question?

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I mentioned technology and so on but I believe it should be standard that all credit unions should be able to avail of a debit card facility. I acknowledge they may not reach the criteria and so on. Excuse my ignorance in this regard but were I a credit union member or director, is it clear what standard or requirement I must reach or what boxes must I tick within my credit union to be able...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: There will be no interpretation on the part of the Central Bank in this regard. Essentially, one will reach the requirement of putting in place this, that or the other and once those boxes are ticked, one will be automatically entitled to do so.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I move amendment No. 15: In page 9, before section 7, to insert the following new section: “7.--The Principal Act is amended by the insertion of the following new section after section 26:“26A.--(1) A credit union may promote, invest in, loan to, and/or contract with a credit union service organisation approved by the Bank (on such terms as the bank consider appropriate) and...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: In terms of the services to members, I take it the Minister will not accept the amendment but he has gone some way towards it in terms of the advisory group. We will not rush matters. There is much to discuss, but it is urgent that we ensure the process will begin as quickly as possible. The Minister must ensure that it does not go on and on.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I appreciate that. I also appreciate the clarification on credit unions investing in State-guaranteed funds and the Minister’s assessment of the misinterpretation. However, the problem is that responsibility lies with the Central Bank. I do not understand why we would not explicitly, as the credit union movement want, write it into the Bill that there is one type of investment that...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: I was quite surprised by the Minister's response to amendment No. 13. I accept what he said, but when representatives from the Irish League of Credit Unions came before us, they requested that the suggested amendment be made. I am sure Deputy Michael McGrath also received a copy of the amendment from the league. I understand some credit unions would not be aware of the existence of various...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: This amendment is in the name of three Deputies, mine included. The point has been made and on the basis of the assurance of the Minister I will not be pressing it and I am happy to withdraw it. We need to ensure there are no unintended consequences in this section. While the proposal from myself and the other Deputies is to delete the section, we have no wish to delete existing...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Credit Union Bill 2012: Committee Stage (21 Nov 2012)

Pearse Doherty: Amendments in my name in this section include amendments Nos. 13 and 15. Amendment No. 13 is also in the name of Deputy Michael McGrath and it deals with State-guaranteed projects. This was one of the issues the Irish League of Credit Unions presented to the committee when a deputation appeared at the pre-legislative scrutiny stage. It makes absolute sense. We are aware the Irish League...