Stephen Donnelly (Wicklow, Independent) | Oireachtas source

Perhaps we can examine this issue a little further. I spent some time working with the World Council of Credit Unions looking specifically at microsavings and microfinance in some extremely disadvantaged parts of the world. I have carried out work in respect of microfinance, which is incredibly powerful. It appears to me as though we have a market failure at present whereby the banks are not lending as much as one certainly would wish to viable businesses. There appears to be a huge opportunity at present in terms of entrepreneurship, job creation and economic recovery for microfinance for quite small but targeted loans. I am not convinced the banks are set up well to do this kind of thing and even if they were, I am not convinced they would be doing it.

It seems to me that the credit union movement at all tiers would be potentially a useful way of getting microfinance moving. I am delighted the Minister will do this for the top tier. Will he consider moving it to the other tiers? Will he explain the rationale behind why it is only at the top tier?