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

It is. The purpose of amendment No. 127 is to allow the Central Bank to appoint a director under section 95A, even when that person may have exceeded the term limits set out in section 53(14) and section 76(N)(5). This addresses an issue raised by Deputy Pearse Doherty in the Dáil - the perfect symmetry between the Dáil and the Seanad is often explored and understood, as I know myself having been on the other side of the House - and again by Senator Reilly with amendments Nos. 43 and 115, namely, allowing for term limits not to be applied in exceptional circumstances. The amendment deals with a situation where it is necessary to enhance or improve the expertise of a board, for example, where the term limit meant it was deficient in this respect. This section provides that the bank may require the appointment of an additional director in such circumstances. It is being amended so that where a credit union is unable to source a director to meet the necessary requirements, it may nominate a director who would otherwise be excluded because of the term limits. The provision addresses the point that was raised by Deputy Pearse Doherty in the other House and Senator Reilly in this House without fundamentally compromising the core principle the Minister is looking to provide for in the Bill.