asked the Minister for Industry and Commerce if the legislation which his Department are preparing for credit unions will provide that they may continue to enter into insurance contracts in respect of their savings and loans with the American Credit Union Insurance Society without violating the Insurance Acts.
Ceisteanna—Questions. Oral Answers. - Credit Union Legislation.
31.
In the legislation which I propose to promote in relation to credit unions, it is my intention to include a provision enabling registered credit unions to enter into insurance contracts in respect of the savings and loans of their members with persons other than the holders of insurance licences under the Insurance Act, 1936.
When can we expect legislation in relation to the Credit Union?
Further to the Minister's reply, does he mean that some proposals can be put into effect under which this money will not leave the country? Is that what he is suggesting?
We could make it subject to conditions whereby, if arrangements could be made in this country, then the permission could be withdrawn at any appropriate time. Is that what the Deputy means?
That is it, yes.
Can the Minister tell us when may we expect the legislation?
It is not quite ready yet and it would, therefore, be misleading to give any date.
It is a very long time.