Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I welcome this section. It obviously changes the requirement on credit unions, where currently in legislation all plans, policies and procedures have to be reviewed by the board at least annually. It changes that to three years but drops the requirement for them to review procedures in their entirety. Maybe the Minister of State might speak on that. It only requires them to review policies and plans. What does that amendment do with regard to procedures?

The Central Bank does not have any requirement for a periodic review of its policies regarding credit unions. We see the impact some of the policies are having on credit unions. We hear it in our local communities. We hear, when some of the representatives come here, about lending limits that would apply during Covid, about deposit limits and all that. There has been a stipulation in legislation up to now that every board has to review its plans, policies and procedures every year. This legislation will change that to plans and policies every three years, but there is no requirement for the Central Bank to do it. I think that is a mistake. Has the Department considered introducing a similar requirement for the Central Bank so that it would review its credit union policies more regularly, for example, at least every three years? That would be welcome.