Results 7,321-7,340 of 9,393 for speaker:Alex White

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: There is one net point on outsourcing regarding a definition in head No. 16 about material business activity. This is in circumstances where a credit union determines that it should outsource a particular aspect of its business. There is a reference to "material business activity" but that is not defined.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Governance is an issue that has preoccupied many observers and people involved here. We do not need to dwell too long on the nomination committee. This exercise is an opportunity for the witnesses to note what is of concern and we will not be resolving the issues today. This is a pre-legislative process that is to raise flags and draw the attention of this committee and the Minister to the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: There is an issue with the blocking of a nomination.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Finally in this area there is a question where a director may be allowed to hold office even in circumstances where he or she is breach of section 14.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: I welcome Mr. Gerard McConville, Dundrum Credit Union, Mr. Philip Hosford, Gurranabraher Credit Union and Mr. Pat Owens, St. Mary's Parish Credit Union, all of which made submissions to the joint committee on this exercise. I want to remind everyone that as this meeting is being broadcast by UPC on its channel 801 they should ensure their mobile phones are switched off as they have a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: That is Deputy Pearse Doherty's concern.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: The good people of Dublin South do that.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Does that refer back to some extent to the point made by Ms O'Rourke? I do not want to put words in her mouth but it seems to raise the issue of how onerous the audit requirements for credit unions ought to be. Should they be equivalent to those that apply to the banking system? This is an example of the kind of issue Ms O'Rourke was raising. I do not want to put words in her mouth but...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: It would be fair to describe Ms O'Rourke's intervention as raising a flag on an issue. Is that not what she is doing?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Would our guests like to make any concluding remarks? Would they like to comment on anything their respective fellow guests said? We will wrap up fairly soon but I will give them an opportunity to make any concluding remarks if they wish.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: I thank Ms O'Connor, Mr. Morris and Ms O'Rourke for attending the meeting. The submissions will be published and we will forward a transcript of the hearings to the Minister for Finance. We will try our best to produce a summary of the issues as the committee sees them to furnish to the Minister within the next few days and certainly within the next week. I thank the delegation for...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: I ask Mr. Morris to explain the firm rotation requirement.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: In what respect? Does it relate to cost?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: What is the current regime?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Should the Bill be changed to the extent that it should not change the current regime? Should we maintain the current regime?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Are there examples? Of course, I am not going to ask Mr. Morris to give details. However, is he aware of examples where it has not worked well and where there has been a problem?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Is there a European directive in preparation in this regard?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: However, when making his submission Mr. Morris told us we should have regard to what is happening in Europe. Is it relevant or not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: The IBF stated that credit unions should be required to adhere to prudential risk and corporate governance regulations, as are required for the banking sector.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Bill 2012: Discussion (Resumed) (20 Sep 2012)

Alex White: Do members have further questions specifically on Ms O'Rourke's point that there should not be the same regulatory framework but that there should be equivalence? Ms O’Rourke is staying with us but I also want to hear from Mr. Morris. We will keep our three guests for a while more.