Results 3,981-4,000 of 36,054 for speaker:Pearse Doherty

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I have no problem with the group of amendments and, obviously, welcome the legislation as well. I have an issue in relation to amendment No. 1 as the way it is drafted will create problems in terms of the Bill. I would ask that the Minister of State withdraw amendment No. 1 and submit a reworded amendment on Report Stage in relation to that amendment.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: It is important the Minister of State withdraws amendment No. 1 and resubmits it on Report Stage with the correct numbers. The amendment, were it to be accepted today, would make the section confusing and lead to serious problems. It deletes lines 23 to 35 but there is no line 35 in the legislation on page 5. The amendment would actually delete the definition of company corporate credit...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: That is perfect.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I asked the clerk earlier if there was an option to amend the amendment on Committee Stage but I understand there is not.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I wish to speak to section 3. There are only a few sections in this Bill that I would like to speak to because, overall, my party supports this legislation and I assume all members of this committee also support it. It is very timely and worthwhile and I know the credit union sector supports it as well. A lot of work has gone into it, including by the Minister of State and her officials,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: That is fair enough. We recognise the independence of the Central Bank in performing its functions and duties vis-à-visregulation and supervision. There has always been a question in relation to the credit union movement and a need for a memorandum of understanding between the movement and the Central Bank to understand the process. As we develop a new process in legislation, it is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I have no problem with the amendment, but I have a question about the numbering. Sections 7 and 8 being replaced with sections 10 and 11. Is something being inserted between them as otherwise we would be going from section 6 to section 10. Is there a rationale for the numbering.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: This is not the amendment, but the subsection. Under section 6, subsections (7) and (8) are being replaced with subsections (10) and (11). I am wondering why.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: The numbers will change again.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: On section 19, I have been raising the issue of high-interest loans and moneylenders. I tabled my own legislation on this and had the Government bring in some measures in this area. There was a lot of work done by a number of individuals regarding moneylenders and trying to encourage people not to use high-interest loans and instead use some of the other lower-interest loans that are...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I thank the Minister of State for her response. I appreciate her comments about reflecting on the issue. CUAC is obviously an important player in this but the provisions of the Bill empower the Minister to make the decision, at the end of the day, even if CUAC is not supportive of it. We just need to bear that in mind. I have said this on numerous occasions. There is one thing across the...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: Sorry, setting a cap.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I will speak on the section, if that is okay. This is a core part of the legislation, which allows for a credit union to refer a member to another credit union that is offering a service it does not provide. This is a welcome section that means credit unions are working in collaboration. It does not mean a straight refusal but means that where one branch cannot provide a service, another...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: A scenario of that nature.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I understand what the Minister of State has said about framework agreements between the credit unions and how this legislation will apply between credit unions. My issue is with the proposed new section 51A(2)(a), which states "the receiving credit union may provide the service in respect of which the referral is made to the member concerned". That is important because credit unions do not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: It is not clear and part of that is left for other sections. The issue is this section is so specific that it might cause an issue in its implementation where there is a variance of a service or when you start to deal with people, you find that what they need is not exactly what they needed and they have to go back and get another referral. That is my point on this and maybe the best way is...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I welcome this section. It obviously changes the requirement on credit unions, where currently in legislation all plans, policies and procedures have to be reviewed by the board at least annually. It changes that to three years but drops the requirement for them to review procedures in their entirety. Maybe the Minister of State might speak on that. It only requires them to review...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: It would be a matter for the Central Bank Act but it is a matter for us to insert it into the Central Bank Act and for the Central Bank to fall in line with the law of the land. We are setting out a legislative provision that credit unions have to review their policies and plans every three years. We do not need to do that since the Central Bank could just mandate them to do that, but we...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union (Amendment) Bill 2022: Committee Stage (18 Oct 2023)

Pearse Doherty: I understand that completely. However, the question is that the Bill is changing the requirement from one year to three years for plans and policies but there is now no requirement to review procedures at all in legislation. I am asking the Minister of State to put on the record the Department's rationale for that.