Jerry Buttimer (Fine Gael) | Oireachtas source

I thank the Minister of State for being here to take this very important legislation. It is a pity that the backdrop to this debate on the proposed reform of the credit union movement is Covid-19.The explanatory memorandum to the Bill speaks about the provision for the holding of certain meetings of the credit unions by remote meeting. I pose my question in terms of the audit committee, the board of supervisors who have to go in and oversee the work of the credit union board and to look at the presentation of loans in the year and how that operates. Have we got a guideline and a roadmap for the board of supervisors?

As Senators Gavan and Dolan said, this legislation speaks about the importance of the annual general meeting. Those of us who are involved in the credit union movement know the importance of the annual general meeting. We also know the importance of communication. Section 8(1) provides for notification to be given in the same manner as the previous meetings unless "in the opinion of the board of directors, giving such notice in that manner is not reasonably practicable". Has any consideration been given in this new modern world of technology to WhatsApp notification or to email as a means of communicating? I appreciate that not every member of the credit union movement has an email address. That is not meant to be a judgmental comment, it is a matter of fact. Has any consideration been given to that?

On the holding of meetings of boards of directors, I will put it in the context of the Houses of the Oireachtas with regard to the legal standing of the board. Parliamentary privilege is not given to Members who attend meetings virtually from outside Leinster House. What is the legal requirement for the credit union members of boards of directors and the board of supervisors, and what is their legal position? As Senator Dolan rightly said, these boards are run voluntarily. These are professional people who bring expertise. There are also people from all walks of life.

I spoke in the previous debate about the Credit Unions 2020 Vision and the legislative framework for credit unions. In its pre-election request to us as politicians the credit union movement spoke about a review of the Credit Union and Co-operation with Overseas Regulators Act 2012, which it was looking to be changed. In the overarching reform of the credit union movement what is the thinking of Government now around the credit union movement and its role in the community, as referenced by many speakers in this and the previous debate?

There is a need to reassure and walk with the credit union movement in its delivery of what it offers to people based on the co-operative movement of old. There is an opportunity now, in a new world, to be able to deliver reform that is meaningful but is not, as the Credit Unions 2020 Vision document states, in effect "a platitude" but is real and tangible. For the future we want to see a sustainable model of the credit union movement. This Bill refers to changes and I would worry that over time the ethos of the credit union movement would be changed and altered. I welcome the provision here in that regard. It is important that there is real engagement.

I am concerned that with proxy voting we will end up becoming like the banks at their annual general meetings and the lending institutions where one can have people voted or blocked by a particular entity or grouping. I have not got the technical term for it but I would worry that this may lend itself to becoming part of it. I hope that will not happen. As we all know, the credit union AGM is an important opportunity to reaffirm and refresh and it has stood the test of time. I welcome the Bill and I welcome the changes in it.