Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

I will certainly do that in my summation on Second Stage - I give my word on that.

With regard to some of the issues that may arise, the definition of financial services legislation has been misunderstood. However, it should be possible to nuance the definition to clarify that we are talking about the range of requirements that apply to credit unions rather than a wider application of financial services legislation generally. On term limits, which is another issue raised in the Dáil, it is important that the core principle of board rotation is retained - in other words, that people would move on.

However, the move to 12 years in 15 should strike a balance between continuity on the one hand and renewal on the other during the period of regeneration that lies ahead. The Minister has also agreed in principle to some changes regarding the exclusions from board membership where he has been satisfied that to do so would not give rise to undue concern about conflicts of interest, which is another issue that was raised. However, it is important to emphasise that volunteers may progress to a position on the board provided that they do not hold both positions at the same time.

A number of people have raised the importance of shared services. The Minister has reiterated the Government's position in support of this, which is in line with what is proposed in the commission report. He has also requested a report from the Credit Union Advisory Committee on shared branching which will allow for a further analysis of this concept and a recommendation on how best to proceed.

I take this opportunity to inform Senators that I expect to bring forward amendments on Committee Stage which are unrelated to credit unions. These amendments are required to permit the Central Bank to sign the International Organisation of Securities Commissions' multilateral memorandum of understanding, MMOU, by the end of the year. In light of the pressing end of year timeline for signing the MMOU, it is necessary to make these amendments to the Bill. The amendments do not relate to the credit union sector. The purpose of the MMOU is to allow the Central Bank to co-operate and share information with other regulators, including other securities commissions around the world, in accordance with international best practise. The provisions concerned are currently part of the Central Bank (Supervision and Enforcement) Bill 2011, Committee Stage of which is due to be taken in January. The changes envisaged include, enacting section 53 of the Central Bank (Supervision and Enforcement) Bill so that the Central Bank may use its powers on behalf of overseas regulators, enhanced and consolidated authorised officers and related provisions regarding the Central Bank confidentiality regime. Given that these amendments are not related to credit unions, it will be necessary to amend the short and the long Titles to this Bill to accommodate them.

I would like to emphasise that the process of reform will require leadership at all levels of the credit union movement. The focus must remain on what is best for credit union members and the safety of their savings. It is important that credit unions embrace the changes ahead. I know that there is strong support for the credit union movement on all sides of the House. The debate on the Bill so far has enabled a positive and constructive discussion on the future of the credit union movement. I look forward to hearing Senators' views in the course of the debate.