Ned O'Keeffe (Cork East, Fianna Fail)

This is the most draconian legislation ever introduced by an Irish Government, especially a Fianna Fáil Government. My colleague, Deputy McGrath, referred to Cuba, but it is even worse than Cuba, it is like something one would hear about in North Korea. The Bill is taking from the rights of the people and putting legislation in place to that effect. We have seen a lot of that in recent times. That is why Fianna Fáil has lost support and is down to 17% or 18% in the polls. We have a Minister for Finance who is not identifying with the issues that concern the public. I say that publicly. I gave him a warning some weeks ago. I have no say in this House. I am a backbench Deputy. We are where we are because of our financial policy. Since 2008 we have gone down the wrong road with bank guarantees to Anglo Irish Bank.

I wish to refer to one issue which has not been referred to by any speaker today, namely, credit unions. They are at risk from the Financial Regulator. He is going to use a scalpel to destroy our credit unions that are based in towns and villages across the country. Approximately 2 million people are members of credit unions. They must be protected. It is a hidden issue in the Bill. I give a warning to that effect. I do not want that to happen. I defended the credit unions as spokesperson on enterprise and employment in 1997 with Deputy Mary O'Rourke, who was a good friend of mine at that time.

Credit unions need protection. Mr. Elderfield could become the new Cromwell of the Irish Republic. He cannot be allowed to take a hatchet to them, as he has been doing and will continue to do. The threat is hanging over credit unions and people are frightened. They are contacting me about the issue. Credit unions in villages and towns across the island must be protected.

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