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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Again, in his opening remarks, and I do not know why this happened, as Mr. Corr was speaking he left out part of his speaking note.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: I thought it was an important part because it points out that the document does not bind the Department of Finance, the Central Bank or any other members of the implementation group in advance of any public consultation carried out by the Central Bank in accordance with its statutory mandate or any legislative process commenced by Government.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Corr is acknowledging that it is simply the group's opinion and they could take it or leave it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: They could take it or leave it. It is a committee.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Another section of his speaking notes which Mr. Corr did not read out, states: "[...] and we must remember that the Credit Union Act 1997, as revised, prescribes in many cases that the Central Bank ensure that its regulations "are effective and proportionate having regard to the nature, scale and complexity of credit unions, or the category or categories of credit unions, to which the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: As we go through this I have to continue to remind myself that there is the CUAC implementation group, which is another layer of bureaucracy, and then Mr. Corr's group assists in the implementation and advises the Minister. That is what it was set up to do, and of course the Central Bank.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Recommendation No. 1 states: "Detailed scoping paper submitted to the Central Bank [...] for consideration". Mr. Corr has done all his work. He has done his recommendations. This committee did recommendations, so the Central Bank now has to think about it. Recommendation No. 2 on the lending limits states: "Detailed scoping paper submitted to the Central Bank in November 2017...". With...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Can we hear from the credit union movement? What I am hearing, and what we have heard all along in this regard, is one body blaming another or spreading the blame, as it were, for poor delivery on the recommendations either by this committee or by CUAC. As Senator Kieran O'Donnell asked, in the face of all of the business model changes that are taking place in banking, in particular digital...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Corr, in his remarks, said the credit union movement could not agree on certain things.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Is it a fact you cannot agree? Is that it?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Therefore, you have agreed to it.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: I am not trying to catch anyone out. I just want to establish where all of this is at. The committee has gone over the arguments repeatedly. I believe we gave this fair time out of our interest for credit unions and we wanted to see some progress. I know Mr. Corr said some progress had been made. However, the report in front of us refers repeatedly to further consideration by the Central...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: That is the first I have heard of it. I go back to my original point. I am tired of reading reports that essentially say the same thing at the end, and it goes on for another year. I want to be helpful to the credit unions. Can the credit union representatives give us in writing a note on where they are with the things they consider to be essential for the credit union movement? If it is...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: We want the credit union representatives to give us a report on where they believe all of this is at - not from the Department of Finance, not from the Central Bank, but from the credit union representatives. They should tell us where they are at, what they want and who is holding it up, and be truthful. If they do not, we will be here next year and they may lose their audience in that time....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Johnson just told us that they are available.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Molan seems to be telling us that they are not really available.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Has Mr. Molan signed up to similar services to those of N26 and Revolut?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Not Mr. Molan. Is it the intent of the credit union to sign up to that type of digital banking? Mr. Johnson seemed to indicate that. Sorry for putting Mr. Molan on the spot but he gave that impression.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: As part of Mr. Molan's note to the committee, he might include some commentary on that so that we can clearly understand where we are.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: We are talking about the services.