Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

I thank the delegation for the extremely illuminating explanation of what is going on in the credit unions and how the legislation will have an effect. I have learned much from it, which I appreciate. I would also like to echo the general commendation that people have given the credit union movement for what it does as a model of providing financial services to the community and ordinary people who would sometimes find it difficult to access such services otherwise. Perhaps the positive example is highlighted even more by the current mess we are in. I do not know if it is going too far to say that if the banking system as a whole operated on the basis on which the credit union movement operates, with its ethos and focus, we would not be in this mess in the first place. Perhaps our policy makers should consider that fact.

The concerns have been explained very well, and all the points made are utterly reasonable. The delegation will find widespread support here, as has been indicated, for efforts to defend the core ethos of credit unions, as well as their volunteer and democratic basis. The witnesses seem to see this as being threatened by the current draft legislation. The key concerns seem to be the effects of term limits, prohibitions on board members and omissions in a number of key areas. The elements include not facilitating electronic fund transfers and shared services and the need for legislation to be amended in order for credit unions to be able to lend to Government-backed projects and schemes.