Paul Gavan (Sinn Fein) | Oireachtas source

Sinn Féin supports this Bill. The financial year end for credit unions is the end of September, with annual general meetings, AGMs, subsequently occurring between October and January, as required under the Credit Union Act 1997. As a result of the current public health measures, it would not be possible to proceed with physical AGMs and special general meetings. In addition, the uncertain direction of public health measures into the future makes planning for such meetings difficult due to the time lag between notice of a meeting being sent to members and the actual meeting itself.

The purpose of this legislation is to allow credit unions to hold certain meetings remotely which are required under the Credit Union Act. Our support for this legislation is wholly contingent on the support of the credit union movement itself. I note the Credit Union Development Association, CUDA and the Irish League of Credit Unions, ILCU, have engaged with the Department of Finance and the Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach on the general scheme of this legislation. Both organisations welcome the provisions of this legislation overall, as does Sinn Féin. These are extraordinary times and the Bill seeks to introduce flexibility as credit unions fulfil their obligations under the 1997 Act.

I join the credit union movement in welcoming section 78A(8), which provides that a temporary failure or disruption in communications will not invalidate the general meeting or any proceedings relating to it. Questions have been asked about the practical problems that may result from notice requirements for cancelled or rescheduled general meetings.Section 78A(10) permits the board of directors to cancel, relocate or change the means of holding a general meeting in order to comply with public health guidelines, provided this is done in accordance with section 80 of the 1997 Act. It is my understanding that section 80 requires such notice to be given by post, something that may not be practical at such short notice. Perhaps the Minister of State will clarify this issue.

Similarly, I am aware that the Irish League of Credit Unions has asked for clarification as to the exact meaning of the phrase "end of the day" provided in line 2 of page 7 of the Bill. I would be grateful if the Minister of State could provide that clarity today also.

Section 10 seeks to amend section 82(3) of the Act to allow for proxy voting in the general meeting. In 2016 the credit union advisory committee published its review of the implementation of the recommendations in the report by the Commission on Credit Unions. In it they noted that proxy voting was a specific concern from stakeholders. Stakeholders have stated their concern that proxy voting would be introduced in the permanent legislation and I would appreciate it if the Minister of State would address these concerns.

Finally, I wish to voice my support for the overall aim of the legislation and I look forward to scrutinising it further on Committee Stage.