Dara Murphy (Cork North Central, Fine Gael) | Oireachtas source

I welcome the delegates. The credit unions' work has never been as vital as it is today. In my part of the world on the north side of Cork city the majority of people would not have a functional banking system were it not for the credit unions. The Bill is intended to protect credit unions and their members via a proper regulatory framework. The intention is to protect their voluntary status and local knowledge. The banking sector remains in such a poor state because it does not allow local bank managers to work with people on the ground. We must take the opportunity to remind people that removing power from local bank managers and forcing unnecessary lending were the reasons for the banking crisis. Local bank managers are not being allowed to unpick some of the problems.

I have two questions on the commission which met for nine months. According to its final report, the commission's findings, on which this legislation is based, were unanimous. Many of the points made by the delegates were reasonable, even though they lacked specific details. They are opposed to some prohibitions and in favour of others, yet they did not go through the prohibitions in the PowerPoint presentation. Will they provide further details?

The reports of the other two bodies that were part of the nine month review - the Credit Union Managers Association, CUMA, and the Credit Union Development Association, CUDA, which will present tomorrow - requested urgent legislation along the lines of that being proposed. Why is there a variance between the three bodies? Have the delegates changed their position on the issues in question from the unanimous position outlined in the report which was published on 18 April? Why does the CUMA and the CUDA not share these concerns? The delegates cannot speak for them, but there seems to have been a change in recent months.