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

Amendment No. 40 removes subsections (12) and (13) as these were provided for in new fitness and probity requirements which are to be rolled out for credit unions on a phased basis as recommended by the commission for credit unions. Amendments Nos. 36, 41, 44, 46 to 50, inclusive, 69, 169 and 170 amend the cross-references following the deletion of subsections (12) and (13) by amendment No. 40. The majority of these amendments are simply consequential on amendment No. 40.

Amendment No. 55 amends section 17(1)(f). This section provides that a person performing management functions in a credit union must have particular knowledge, skills, experience, qualifications, competence, capacity and probity to carry out these duties effectively. This is being deleted, as it will be covered separately under the fitness and probity regime which will be rolled out for credit unions over time.

The application of fitness and probity requirements was agreed with the commission on credit unions.

Amendment No. 56 deletes subsection (1)(p) as it refers to requirements set out in subsections (12) and (13) of section 53. As these subsections are being deleted, subsection (1)(p) is invalid. Amendments Nos. 57 and 58 make the consequential cross-references arising out of the deletion of paragraph (p).

Amendment No. 76 deletes section 68A(5)(b) and (c) as inserted by section 21. When appointing a person as a manager, it is necessary to ensure that the person appointed complies with all legal requirements. The list of criteria which a manager must fulfil is being deleted. These are standards which will be set out under the fitness and probity requirements which will apply to credit unions in line with the recommendation of the commission. These measures will be rolled out to credit unions over time and will take account of the nature, scale and complexity of a credit union. This amendment ensures that the person appointed as manager complies with all legal requirements, including requirements prescribed by the Bank.

Amendments Nos. 169 and 170 correct the cross-references arising out of the deletion of sections 53(12) and (13), as inserted by section 15. In plain English, as a consequence of inserting in the probity section, we are amending the other parts of the primary legislation to have regard to that. This will all be tied up in the context of the standard and probity functions for managers, which are to be set out as per the recommendation of the commission.