Tom Shehan (Fine Gael)

Does the Minister envisage that a recovery plan will be an option in respect of any of the 27 credit unions we have been told are at serious risk?

The Minister mentioned special managers. I discussed this matter with the Minister of State, Deputy Brian Hayes, yesterday. Under the Bill, someone appointed as a special manager must, in the opinion of the Central Bank, have "the requisite knowledge, expertise and experience of the financial services sector to be the special manager of that credit institution". Is it possible that former bank managers will be appointed to these roles?

I have a query on the constitutionality of the imposition of special managers. Where a special management has the "effect of suspending the rights and powers of shareholders and members" and general meetings will only be convened at the special manager's direction, is there a question of shareholders' property rights being affected? Will this provision be challenged on constitutional grounds?