Kevin Humphreys (Dublin South East, Labour) | Oireachtas source

I move amendment No. 23:

In page 9, after line 22, to insert the following:“Budgeting in relation to social welfare payments – amendment

20. Section 290 of the Principal Act is amended—

(a) in subsection (1), by the insertion of “, subject to subsection (3A),” after “paid”,

(b) in subsection (3), by the insertion of the following paragraph after paragraph (bc) (inserted by section 19 of the Social Welfare and Pensions Act 2012):

“(bd) a credit union within the meaning of the Credit Union Act 1997,”,

and

(c) by the insertion of the following subsections after subsection (3):

“(3A) For the purposes of subsection (1), a payment to a credit union referred to in subsection (3)(bd) may be made—

(a) in respect of a scheme that—

(i) is approved by the Minister, and

(ii) relates to a class or classes of borrowings from a credit union as may be prescribed,

and

(b) where the beneficiary concerned is a member of the credit union to which the payment is made under this section.

(3B) Without prejudice to subsections (1) or (2), for the purposes of subsection (3A), the Minister may, in regulations made under this section, prescribe—

(a) a class or classes of borrowings by a beneficiary from a credit union in respect of which payments under this section are to be made,

(b) the maximum amount of such borrowings which shall not exceed €2,000,

(c) the interest rate charged in respect of such borrowings, the maximum amount of which shall not exceed 1 per cent for each month, and

(d) the duration of the period for repayment, by the beneficiary concerned, of the borrowings.”.”.

This amendment refers to micro credit, the availability of which has been welcomed in the House. I am interested in hearing any contributions that Deputies wish to make on the subject.