Finian McGrath (Dublin North Central, Independent)
Link to this: Individually | In context

Question 49: To ask the Minister for Finance his views on a matter (details supplied) regarding the Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011; and if he will make a statement on the matter. [29018/11]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

The material supplied by the Deputy refers to recent amendments to the Credit Union Act 1997 which were brought forward at Committee Stage of the Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011. The primary purpose of these amendments is to enhance the Central Bank's existing powers to issue regulatory directions. On foot of concerns raised by credit union representatives, I asked my officials to consult with the relevant credit union stakeholders, including the Commission on Credit Unions. Further amendments are proposed for Report Stage of the Bill to address the concerns raised without compromising the ability of the Central Bank to act on financial stability grounds. The Deputy might note that Report Stage of the Central Bank and Credit Institutions (Resolution) (No. 2) Bill 2011 is scheduled for today 12 October 2011.