Joan Burton (Dublin West, Labour) | Oireachtas source

First, I have to declare an interest as, like most people here, I am a credit union member and have been over a long period. I basically agree with the Deputy that credit unions are incredibly important to people across the length and breadth of this country. They provide a mechanism for friendly financial services that people respect and enjoy. In addition, we have specialist credit unions for teachers and civil servants, which are part of a financial powerhouse in this country.

For my part as Tánaiste, I can say that the Government is absolutely committed to having credit union movements in place. There are a number of different umbrella organisations which offer people a safe and affordable way of saving money or borrowing when the necessity arises. I think there is cross-party agreement in the House on this matter.

The Deputy referred specifically to regulation CP88. My understanding is that it is about the level of deposits that credit unions can take from members. This issue has already been addressed and, in fact, it is in the process of being worked out and refined. The critical point is to allow members to have savings above a certain threshold and, in effect, to increase the threshold. That is actually in train at the moment.

The credit union movement provides a fantastic financial service to people, including families, up and down the country. My Government colleagues and I are absolutely committed to ensuring that it will continue to do so. In the context of the financial crash, however, we all know that unfortunately issues arose for some credit unions. Through the fund established by the Minister for Finance, those issues are well on the way to being resolved for credit unions that encountered difficulties. However, there has also been a learning process from that whereby we need robust, but not disempowering, legislation. Such legislation would protect the ordinary man's and woman's savings, as well as providing the basis for lines of credit that many people have to avail of at different times in their lives.

I include myself in that and I am sure the Deputy is probably included as well. Small businesses have also availed of them from time to time. However, certain things went wrong for a small number of credit unions when the boom was at its height. Those issues are well on their way to being resolved by the regulation system, which helps everybody, including probably the majority of Members in this House and even the members of the press who are present, to have confidence and security when they bank with their local credit unions and use their financial services.

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