Dáil Éireann Debate, Tuesday - 8 December 2020
167. Deputy Alan Kelly asked the Minister for Finance if he plans to have the Finance (Miscellaneous Provisions) Bill 2020 enacted by end 2020 to ensure that credit unions can have virtual AGMs; if he will commence the relevant sections as soon as possible in order to enable credit unions to pay back interest rebates to members before Christmas 2020; and if he will make a statement on the matter. [41532/20]
View answer196. Deputy Martin Browne asked the Minister for Finance if his attention has been drawn to the fact that due to Covid-19 a credit union (details supplied) has been forced to postpone paying the annual loan interest rebate repayments and dividends to its customers as it cannot hold an AGM to do so; if he will address the lack of legislation to hold an online AGM; if he will contact the Central Bank on the matter; and if he will make a statement on the matter. [41916/20]
View answerI propose to take Questions Nos. 167 and 196 together.
As the Deputy references in his question, under current Government health measures, which limit numbers allowed at public gatherings, credit union annual general meetings (AGMs) would not be able to proceed as normal. The Government has, therefore, brought forward the Finance (Miscellaneous Provisions) Bill 2020 to allow credit unions to hold wholly or partly virtual AGMs and to provide credit unions with greater flexibility in terms of the mechanisms for voting at general meetings. The legislation also provides for an "interim period" which extends the deadline for holding AGMs related to year end-September 2020 until end of April 2021.
This Bill has been listed as priority legislation for enactment this term. The Bill completed all stages in the Seanad on 30 November and is currently expected to be debated in the Dáil shortly.
We will support its progress through the Dáil with a view to enactment before the end of the year.
Once enacted the legislation will take immediate effect and credit unions will be able to convene an AGM to seek whatever approvals may be required from members to pay dividends and a loan interest rebate.
It should be noted that virtual AGMs are not prohibited by Central Bank regulations, rather they are not allowed for under the Credit Union Act 1997.
