Sean Barrett (Independent) | Oireachtas source

Section 8 states, "The powers, functions and duties of the registrar of friendly societies may be exercised and performed by such person or persons as the Minister may for the time being authorise." We have added a subsection that states, "The powers, functions and duties of the registrar of friendly societies under sections 5 and 6 shall be transferred to the Central Bank of Ireland from the operative date." That is what the Minister of State has said and he is working on it. I believe we are far closer than it might appear.

I wish the exercise Godspeed. I would prefer if the reference was in the Bill. The Minister of State is thinking about it and I commend him on that. Let us put in a reference such that it will go to the Central Bank since the powers exist under section 8. Our amendment proposes that the issue of new start-ups and loan funds should also be considered by the Central Bank.

I am happy to leave that with the Minister of State and his officials for consideration. I hope that the Minister of State and the Governor, Professor Honohan, will bring proposals back to the House soon. That is the logical place to have it. I agree with what the Minister of State has said. I was simply trying to get it down on print in his Bill.