Urgent need for Credit Institutions Amendment Bill

Urgent need for Credit Institutions Amendment Bill.

Speaking  in the Seanad, Fine Gael Senator Paul Coghlan welcomed the Tanaiste’s announcement of her intention to bring forward legislation to amend the Companies Act, increasing the powers of the Director of Corporate Enforcement but said the measures do not go far enough.

“While I welcome the Minister’s stated intention to introduce legislation to enhance the powers of the Director of Corporate Enforcement with regard to transparency, loans to Directors and powers to enforce compliance, these measures do not go far enough as they do not give leave to the Director to investigate Building Societies and Credit Unions.

“The suggestion has been made that this loophole will be closed in the future however we should not have to wait another day on this matter in light of the recent disturbing allegations in relation to Anglo Irish Bank, Irish Life and Permanent and Irish Nationwide, which is a Building Society not a company.

“There is no excuse for such a large section of the financial sector to be excluded from investigation when such a prima facie case exists. As the Government is aware our Private Members Bill, The Credit Institutions Amendment Bill, provides for the removal of this anomalous situation and I would urge the Government to accept it forthwith.”