Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I am under pressure because there will be votes at another committee. I thank the Chairman.

I thank the delegates for presenting. I have engaged on this issue numerous times nationally, as well as locally. I subscribe to the idea that the credit union model is the best in terms of local knowledge and the personal touch. Since the pillar banks are moving further and further away from this model, credit unions' current model of short-term lending places them in a position where they can capitalise on their relationship management.

I would like to see the credit union movement heading into the mortgage sector. It has considered how it can assist communities via social housing, something in which the banks will not become involved. They will provide no community gain in that regard despite the fact that we own them.

Deputy Michael McGrath hit the nail on the head. The movement has a problem. It is in discussions with the Department of Finance and this issue will be debated in the Dáil tomorrow. The movement is getting political support from across the board, but is there a way to put credit unions in a regulatory format that will leave them as individuals, while affording them the autonomy required to deal with a regulatory body in the same capacity as the banks? This is the comfort blanket the Central Bank and the Department of Finance need. It will give credit unions the capacity they need to expand and the key ratios may loosen.