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

This clarification refers to savings in amendment No. 8.

The Irish League of Credit Unions raised an issue in relation to alternative forms of funding, for example deferred shares. These types of shares are different from other credit union shares in being transferable but not withdrawable and carrying no right to borrow. These are generally repayable only on winding-up or dissolution of a credit union after all creditors have been repaid. These have recently been introduced for the credit union sector in the United Kingdom. However, alternative forms of funding such as deferred shares were not recommended by the commission in its report. This did not emerge as an issue for credit unions during consultation with the credit union sector nor in the survey of credit unions undertaken by the commission.

The Minister is open to further discussions of ideas and consultation about alternative forms of funding. However, the matter is not one to be included in the current Bill.