Address by Mr. Noel Treacy T.D.,Minister for Science, Technology and Commerceat the AGM of Athenry Credit Union,27th November, 2000 at 8.00pm
I am delighted to have been afforded the opportunity to speak to the membership of my local credit union, once again here this evening.
- monitor the overall performance of the Registry in the context of the achievement of its key tasks and customer care standards;
- provide views to the Registrar on items which might be included in the Business Plan of the Registry;
- examine the fees established for Registry services and
- comment from time to time to the Minister on any of the above or related matters.
I hope to have the Council in place over the next few months.
While the future will be both exciting and challenging for the credit union movement, I know that the past year may not have been the easiest for your movement. Fraud is a very serious matter. While I am prevented by the rules of sub judice from commenting on any particular case, let me just say that the continued honesty and vigilance of Boards of Directors, Supervisory Committees, employees and volunteers is vital. This Credit Union is to be recommended on the quality, of both your members and officials.
- properly conducted audits to take place in all credit unions;
- strict internal controls with regard to savings stamps; and
- reliable and secure computerised accounting systems.
EURO I strongly recommend that each credit union sets up a Special Committee to address that issue of the EURO changeover. With little more than a year to go before the EURO becomes a living currency, credit unions must be prepared for the practical implications of the changeover including operating with both currencies until the withdrawal of national notes and coins has been completed by 9 February, 2002.
Rejuvenation There is also a need for a greater degree of rotation in Board membership. Without in any way undermining the contribution of the many "veterans" serving on Boards, I would advise and urge younger members to come forward and offer themselves for service to their credit union and community.
SRA While a final decision on the implementation of the McDowell Report is awaited; in recognition of the unique character of the credit union movement, I continue to support the recommendation that the functions of the Registrar in relation to credit unions be transferred to a new statutory position within the Single Regulatory Authority. The proposed ring-fencing of the role of the Registrar of Credit Unions will not undermine the spirit or ethos of the movement while at the same time catering for the necessary regulatory and consumer protection requirements.
Conclusion Let me finish by paying tribute to the officers and members of this credit union for the excellent work which you all are continuing to do in the interests of this community. As the Minister with responsibility for credit unions, I trust that over the coming year that I will be able to encourage the further growth and development of your excellent movement.
