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

The third amendment, No. 33, follows from the discussion on Committee and Report Stages in the Dáil where the Minister committed to examining this section to allow a credit union to invest in public projects. Members will recall a good discussion on Second Stage where a number of colleagues put forward the view that credit unions could invest in public projects. This amendment arises out of a discussion with the Office of the Attorney General on the issue and makes it clear that the power of the Central Bank to make regulations relating to the investments includes scope for making regulations in respect of investments in public projects. The Minister remains open to credit unions coming forward at an early stage to outline their proposals in respect of such investments.