Michael Noonan (Limerick City, Fine Gael)

The interim report, which was published last Friday, set out the governance of the credit unions. This matter will require legislation. Under our memorandum of understanding with the European authorities, we are committed to publishing the legislation before or just after Christmas. This will be processed in the normal way.

The restructuring of the credit union movement will not require legislation. In effect, this Bill empowers the bank to engage in restructuring. Further legislation will not be required. However, the discussion between the commission and the bank will result in a final report from the commission in or around Easter. It will make recommendations to the Minister and the bank on the methodology of the restructuring. If legislation is required, we will legislate, but I do not envisage a second Bill other than the governance legislation that I mentioned.