Kathryn Reilly (Sinn Fein) | Oireachtas source

I move amendment No. 8:

In page 9, before section 7, to insert the following new section:
?7.?The Principal Act is amended by the insertion of the following new section after section 26:?26A.?(1) A credit union may, once the approval of the Bank has been secured and the necessary capacity and infrastructure put in place, promote, invest in, loan to, and/or contract with a credit union service organisation approved by the Bank (on such terms as the bank considers appropriate) and engaged in activities and services of the credit union service organisation related to the routine daily operations of credit unions.

(2) Nothing in this section or the following provisions of this Part affects the operation of any enactment which is not contained in this Act and which, in whole or in part, relates to the provision of credit union service organisation activities or services.
(3) Credit union services organisation activities or services may include but are not limited to the following:

(a) clerical, professional and management services:

(i) accounting services;
(ii) internal audits for credit unions;
(iii) credit union risk and compliance;
(iv) management and personnel training and support;
(v) marketing services;
(vi) research services;
(vii) procurement related services;
(viii) debt collection services;

(b) electronic transaction services:

(i) automated teller machine (ATM) services;
(ii) debit card services;
(iii) electronic fund transfer (EFT) services.?.?.

This amendment follows on from amendment No. 7 and details the type of shared services that could be made available to members when the required capacity and support of the Central Bank has been secured. The Commission on Credit Unions in its report clearly supported a new regime for the provision of additional services. It is clear from that section of the report that the meaning includes both member level and back end shared services. I will not labour the point we have already discussed, but these are some of the services we envisage being shared. I ask the Minister to accept the amendment to facilitate the empowerment of credit unions to meet their members' demands.