Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

Go raibh maith agat. Fáiltím roimh na finnéithe.

There is a major problem in the banking system, which is a tight concentrated oligopoly and it means behaviour of the banks is not tempered by their need to meet the needs of citizens. There is a problem in the structure. Credit unions can provide a solution to that problem with the structure.

Sinn Féin supports the credit union movement playing a greater role in the area of financial products. There seems to be an ideological brake with regard to the sector evolving further. I notice the use of language in today's presentation, with words such as "jeopardy" and "threat" being used. This is a major difficulty currently for the sector.

Obviously another factor of the credit union sector is the social enterprise element. Most people think of social enterprise as very small constructs. This is a social enterprise with €13 billion in assets. It is one of the largest financial social enterprises I am aware of. As is the case with my party, it is an all-Ireland body, which is always good.

We live in a society with major problems with moneylenders and with finance for small businesses and housing. It is hard to believe that the credit unions have a capital surplus and yet it is being kept away in terms of addressing outstanding issues. Why is the Central Bank deviating from the initially agreed tiered regulatory approach? The witness can self-select in regard to who answers that question.