John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

That brings our hearing to an end. I wish to make an appeal to everyone in both the public Gallery and the witnesses from the Central Bank, the Department of Finance, ReBo and the Irish League of Credit Unions. My experience of credit unions is that they are a hugely important part of local communities. Everybody agrees that is the case. A significant number of individuals and businesses are not getting loans from banks, which do not service the local community in the same way as a local credit union. The witnesses from the Central Bank, the Department of Finance and ReBo should do what they can.

We should do that to allow the credit unions to play the part they actually could play if certain restrictions were lifted, assistance given or whatever. Along with the witnesses, I would say to the 64 credit unions that they should participate. This is a good development. We are into a new regulatory challenge in this country and we have to face up to it, but we must be realistic about that regulatory challenge in that one size does not fit all. We need to get it right. I appeal again to those involved because, with regard to licensed and unlicensed moneylenders, the credit unions are the only ones that stand in the gap to assist the person in trouble. I wish the witnesses well with their work and I would encourage the regulator to act swiftly regarding the relief that is necessary in the movement.