Seanad debates

Wednesday, 9 April 2003

Central Bank and Financial Services Authority of Ireland Bill 2002: Report and Final Stages.

 

A note was circulated by the league to the credit unions making it clear that the further amendments proposed in the other House recognised, as they recognise in this House, the distinct voluntary character and social and economic roles of credit unions. They are reinforced by correspondence from the interim board of the authority in relation to the regulation of credit unions. The Bill, as it stands, therefore, will mean that the authority will have to take into account the unique nature of credit unions and decisions affecting them, and credit unions will continue to be regulated under the 1997 Act. That is the letter of comfort the Government received from the league.

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