Dáil Éireann Debate, Tuesday - 20 November 2012
184. Deputy Pearse Doherty asked the Minister for Finance the number of countries in the OECD in which there are term limits or prohibitions on whom can serve on credit union boards enshrined in primary legislation. [51047/12]
Amharc ar fhreagraI am not aware of other OECD countries which set out terms limits and board restrictions in primary legislation. The Commission on Credit Unions was charged with bringing forward recommendations for the Irish credit union sector. It was not bound to limit its thinking to approaches in place in other financial sectors or in other jurisdictions. The Report is tailored to the Irish credit union system and does not apply 'banking' thinking nor does it slavishly import models from other international credit union movements.
I understand that the Commission recommendation on term limits was the subject of much discussion at the Commission and the final agreed recommendation is clear and unambiguous as regards the limits to apply. The Commission recommendation is reflected exactly in the Credit Union Bill 2012.
This issue was raised during the second stage of the Credit Union Bill 2012 and I have indicated that I will give consideration to the issue of term limits at Committee Stage. However, it is important that the principle of board renewal is retained in the legislation.
