Results 9,541-9,560 of 16,478 for speaker:Tommy Broughan

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I welcome what the Minister has said because he is moving towards an accommodation with representations that have been made to him as well as the representations made at the Select Sub-Committee on Finance. That is useful and on that basis I withdraw the amendment.

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 34:In page 52, to delete lines 35 to 38 and substitute the following: “(a) an employee of the credit union;”.When the Minister was out we held a long discussion about volunteerism and volunteering in the credit unions. These amendments refer to the restrictions on board oversight committees. I examined the restrictions the Minister has put in place for the...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 40:In page 53, to delete lines 47 to 50 and in page 54, to delete lines 1 and 2.These relate to the earlier discussion we held about term limits. Amendment No. 40 refers to page 53, lines 47 to 50. It deals with the oversight committee and the nine and 15 years limits. We held a lengthy discussion about this and we concluded that this is something the Minister could...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: The arguments have been well put. Will the term limit contained in sections 14 and 15 be examined again and be left to the local organisation itself to decide if it will impose restrictions? Elsewhere in general company law, corporate governance conditions for directors have been become very strict over the past six years. This type of approach in the case of credit unions, however, has...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I welcome the Minister's commitment in this regard.

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 31:In page 34, between lines 14 and 15, to insert the following:"22.—The Principal Act is amended by substituting the following for subsections (1) and (2) of section 64:"64.—(1) The treasurer of a credit union shall be responsible for ensuring the timely preparation of accounts and their presentation to members at general meetings.".".The position of...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: Thank you, a Cheann Comhairle. Term limits have been debated in the context of involving more people in the Parliament by having Members serve only a few terms, similar to the US President or US state posts, before bringing their expertise elsewhere. Generally, in the corporate world, this does not happen. Companies try to hang on to talented executive chairpersons or directors for as long...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I welcome the comments of the Minister of State. He said he would examine amendment No. 16 in respect of the expertise of a volunteer from another credit union. Similar considerations apply to amendments Nos. 18, 19 and 20. The Minister of State's positive remarks on amendments Nos. 21 and 22 are quite welcome. A number of these amendments apply to small credit unions, in particular. I...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 23:In page 21, to delete lines 2 to 6.Amendment No. 23 seeks to delete lines 2 to 6 in page 21, which states a member may not be appointed or elected to the board if he or has served more than nine years in aggregate in the previous 15. Amendment No. 26 also refers to the nine-year period. The joint committee also covered the term limit provision in detail in the context...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 13:In page 17, after line 48, to insert the following:“14.—The Principal Act is amended by substituting the following for section 48:“48.—(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 considers appropriate) and engaged in activities and...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I move amendment No. 16:In page 19, to delete lines 25 to 27 and substitute the following:“(a) an employee of the credit union;”.These amendments go to the heart of the ethos of credit unions, which are voluntary, not-for-profit, locally controlled organisations. If we look at the history of the more than 400 credit unions in the country we can see that the key value of their...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: The information I have from the Irish League of Credit Unions is that the capacity exists in up to 150 credit unions to develop shared services, not just back-office services, and they are ready to approach that milestone. Great minds sometimes do think alike because I also am concerned that there would be political pressure from the larger banks. I accept we own most of them now....

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: It was at the 2010 AGM of the Irish League of Credit Unions that the CUSO - credit union services organisation - or shared services idea was approved by the member credit unions. They had obviously done a lot of research about the idea of shared services, shared branches and developing the attributes that would be necessary to promote a network approach. The amendments I and my colleagues...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: It is kind of a lottery.

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I welcome what the Minister of State said regarding the advisory committee and the negotiations which he hopes will be finalised by the end of the second quarter. However, I still feel it would benefit the credit union movement if he accepted some variant of the three key amendments with regard to the social projects, because that would clearly provide a legislative basis for involvement....

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Tommy Broughan: I strongly support the comments made by Deputies Doherty and Boyd Barrett regarding amendments Nos. 6 and 8, which are being discussed with related amendments Nos. 9 and 10 in my name. Amendment No. 9 reads as follows:In page 10, between lines 45 and 46, to insert the following: “(5) A credit union may lend to State guaranteed projects which are in keeping with the objects for which...

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Tommy Broughan: I welcome the clarification. As the Minister was speaking I had another look at the 1997 Act, which, as I have stated, is comprehensive legislation that has worked well and appears to cover most of the areas referred to. This Bill is effectively an amendment of large parts of that Act. I welcome also the Minister's statement that amendments made in the Seanad will come before the Dáil...

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Tommy Broughan: The amendment relates to Central Bank legislation which has not worked. While this Minister voted to bring in a blanket bank guarantee - I believe the Cabinet received its full report on the budget this morning – this day next week he will bring forward another ferocious hairshirt budget for the people. It will be another squeezing of the pips which will make it difficult for people....

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Tommy Broughan: I am referring to Central Bank legislation which failed.

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Tommy Broughan: While the Minister asked whether the banking guarantee was required because of a solvency or liquidity crisis, he knows Central Bank regulation has failed, yet he is seeking to impose it again on the backs of credit union volunteers across the country. It is no wonder there is a lack of demand for credit. One hears of deleveraging where credit union members take their shares, put them...