Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I move amendment No. 14:

In page 9, before section 7, to insert the following new section:"7.--Credit unions shall be permitted to operate electronically enabled payment accounts.".

Deputy O'Donnell will be pleased to know this is about debit cards. It provides for explicit recognition and permission for credit unions to operate electronically enabled payment accounts. Many of the larger credit unions, as the Minister will know, operate accounts that share all the features of a bank account. They can be viewed electronically, and direct debits and standing orders are permitted. Some credit unions have ATMs, for example, but apparently they cannot put a debit card arrangement in place. I know one in Cork where certain members had a debit card but it was subsequently withdrawn on the instruction of the Central Bank. I ask the Minister to address this issue. I agree with the point made by Deputy Doherty that technology is moving so quickly that if we do not at least allow credit unions to operate a debit card system, they could be left behind.

I ask the Minister to give us his views on this.