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Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Surely the regulator understands that the section must be altered to take account of the future. Is that not the case?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Mr. Farrell, you made a point earlier. Obviously, you are embedded in this considering your role. Are you saying that the relationship between the credit unions and the regulator needs to be improved dramatically?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: You can imagine many Members in the Parliament will have formal and informal discussions with each other as well as with officials and Ministers on this issue. Can you give me a little background on what you were saying about the honest broker, someone in the Department of Finance? What is the theory behind that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: You are going to bring the amendments. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Have you outlined most of those concerns to us as well?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: There was a comment on social housing and how credit unions could arrange a fund. Credit unions can do that anyway. Is that correct? If I remember rightly, the Minister of State, Deputy Harris, spoke about this last night. Did he not say there are no restrictions on credit unions organising this?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Does that require the Minister or the regulator?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Did Mr. FarreIl say it does not?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: In other words, they can be done by regulation now?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Now?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: Will the regulator decide whether the social housing fund can be established?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Credit Union Sector: Discussion (25 Nov 2015)

Liam Twomey: As there are no further questions, on behalf of the joint committee I thank all the witnesses who participated and for the material they supplied to the committee. They may be invited to return in view of the way the conversation is going. Do members agree that we make all of this material available on the website? Agreed.

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Liam Twomey: International solutions.

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Liam Twomey: There are two issues being discussed here. Deputy Boyd Barrett's point covers tax avoidance. We participate fully in the BEPS project. The project and the OECD make it crystal clear that all countries must move together on this issue. There is no point in turning Ireland into a wasteland for foreign direct investment because we move unilaterally. It is just ridiculous talk. If the...

Finance Bill 2015: Report Stage (Resumed) (25 Nov 2015)

Liam Twomey: As I pointed out last night, we are a small peripheral island nation at the edge of Europe for whom remaining competitive is important but can be difficult to do. That is why foreign direct investment in this country is so important. It is responsible for 100,000 jobs and huge investment. As I stated last night, one company alone not only invested €1 billion last year, but has...

Credit Union Sector: Motion [Private Members] (24 Nov 2015)

Liam Twomey: Is that agreed? Agreed.

Credit Union Sector: Motion [Private Members] (24 Nov 2015)

Liam Twomey: The Minister of State is sharing time with Deputy Derek Nolan.

Finance Bill 2015: Report Stage (24 Nov 2015)

Liam Twomey: Ireland is a small, peripheral, island nation on the edge of Europe. In order to attract investment, a lot of guile and ingenuity are required. The facts that 100,000 people are directly employed in FDI companies in this country and that we can attract and retain FDI companies comprise a remarkable testament to the stability of our country, taxation system and legal system. One of the...

Finance Bill 2015: Report Stage (24 Nov 2015)

Liam Twomey: Was it from an oil barrel in Dún Laoghaire?

Finance Bill 2015: Report Stage (24 Nov 2015)

Liam Twomey: Have they been back since?

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