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THE CREDIT UNION BILL, published yesterday by Finance Minister Michael Noonan, has been criticised by the lobby group representing most of the credit unions in the country.
The Irish League of Credit Unions (ILCU) said yesterday it is concerned about proposed new laws that would stop volunteers at credit unions from joining its board and ban their family members from becoming directors.
In a statement the ILCU said credit unions consider the prohibitions on membership of a board of directors to be “an attack on volunteerism and anti-democratic”.
“These proposed changes are inequitable, unnecessary and potentially detrimental to some credit unions,” it said.
The bill provides a list of people who are not eligible to become director of a credit union. It includes employees or volunteers and their relations, any public servant involved in advising the Minister for Finance on credit union issues, anyone who is director of another credit union and any credit union member who is in arrears for more than 90 consecutive days.
Yesterday, Minister Noonan said the publication of the bill would “strengthen the regulatory framework for credit unions and provide the basis for a restructuring of the sector over time in a way that is stable and protects credit union members”.
Hands off our credit unions you greedy pack of swines!
I’m curious. Which of the proposals do you have issue with? Do you think it is a good thing that someone in arrears with their credit union loan could become a director and then use their influence to write down that loan? Or do you think that one person should be a director in multiple credit unions? Would they really be able to do their job properly? And volunteers (and their family members) could well have conflicts of interest, especially if they are dealing with the public face to face.
Constructive criticism would be good rather than “Ah the government are coming after my poor credit union” style populism. Come on, give actual reasons for being against the bill.
I’m curious about all these general comments about hands off etc…he is putting regulations in place to stop corruption from happening in the future…personally I think its a great idea… I don’t want to be paying more tax for another mess in the future…..maybe people have something to hide????
Without
The Credit Unions have supported many people I know in the past with interference for Gov! I am against any regulation from our Government within the Credit Unions! And changes should be made by the Credit Union with approval of its share holders! Hands off!
Hi Ryan,
I don’t understand your opinion that directors who deal with the public face to face could have a conflict of interest. I would be of the opinion that a director in a customer facing role would bring something of value to the board.
I’m against this bill because everything the Government touches turns into a money robbing racket! I’ve been with the credit union since I was a young teenager, I’ve had some financially bad times in the past and without the help of my credit union I would never have gotten out of the mess I was in, and by the way, the person who I have to thank for that is and was then on the board of directors! One of the kindest and most loveliest people I have ever met! Her replacement is also a very nice and helpful person! Always available and willing to give advice or help out if needed! I have my personal reasons fort views on why the Government should stay away from the credit unions and I’m sure many many more feel the same way!
Credit Unions were established for the people, by the people when our filthy, pious, corrupt, crony so called banks would not lend to the average person in spite of taking all their saving.
Remember those bad old days when the local accountants, solicitors, doctors and priests etc… were ushered into the managers office, when you stood in the cue savings in hand????
Well guess what, with the help of our ”fine leaders and protectors” these diseased, criminal/corrupt, so called ”banks” have gambled, have gone bust and left us with the bill,
and now they are coming after our few quid in our credit unions because they squander that too.
sorry typo
”because they want to squander that too”
Totally agree Dee, the only place ordinary people are treated with respect, and they even want to steal that from us
Anne
The taxpayers are having to sort out the problems of unqualified people having their hands on the tillers in this sector and we already have one Credit Union that voted an illegal loan of one and a quarter million Euro to themselves as Directors of a Development Company and you have a stupid problem with the Minister trying to stop this from happening again.
If he doesn’t succeed the Government need to close the Credit Unions down completely.
Well said paddy. Take the cronyism possibility out of our credit unions.
They don’t show much respect with the interest rates they charge you on loans.
Paddy, You are talking rubbish. Credit Unions were begun as community organisations and many are run by people who give generously of their spare time.
As for your example of an illegal loan, what do you say about AIB who handed £740 million to two fraudsters in London, more than they asked for?
Yet Noonan thinks people like Dermot Gleeson should run credit unions too!
Barry….errrm…the whole idea is to stop these things happening…what do people have to be scared of???
we already have one Credit Union that voted an illegal loan of one and a quarter million Euro to themselves
there the only people lending ,better then the bank
Butt out Noonan.
Great idea. Keep the community involved but this idea of nepotism is a throw back to electing someone onto the board because they are a relation of someone on it previously or present. Keep nepotism out of our credit unions.
I cannot see what the problem here is. Credit Unions in many but not all cases no longer rely in volunteers to run their affairs on a day to day basis instead relying on paid managers and staff. It is proper that these people should not be sitting on the board of the credit union. The boards are and will continue to be made up of the voluntary members as it ever has been. All this legislation seeks to do is to prevent a situation whereby the managers wife could serve on a board.
Reform in the credit unions should be made within the credos unions with approval of its shareholders! Simple as!
Seem like logical reforms on the face of it. I would extend it to cover any public servant involved in any way with the Dept of Finance not just those involved in advising on Credit Unions.
Beyond that why not bring forward legislation to tackle the nepotism / cronyism that is rampant in politics in general? Openness and transparency? I heard that somewhere before,,,,,,,,,,,,,
Here here.
The problem is once they start interfering where does it stop? 5 years time they’ll send in the administrators and we’ll have the Quinn saga all over again!
I owe credit union a fortune,wish they would go away .WTF :)
I owe the credit union a few grand and I’m hoping they definitely stay around cos they were the only institution I owed money too when I was made redundant that actually listened and helped me out with flexible terms, the banks weren’t interested. If the credit union offered full banking services I’d never darken the door of another bank again.
I’m with you 100%
credit unions are used for money laundering, loads of unregistered landlords stuff their rental income into their accounts.
If Noonan spent more time trying to control the goings on in the banks we would be all better off !!
They should not hire people as volunteers.They should hire the same people and PAY them a fair wage.
Wat is your problem with it? Warning…Back up ur comments with facts now or you will be laughed at my friend…
Which family member does Enda Kenny employ?
have your say