Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

With regard to public banking, Mr. Ó Muilleaneoir said that credit unions and post offices offer the ideal platform to develop such a model. At present, credit unions are sitting on billions of euro that they cannot lend because of lending restrictions and long-term lending restrictions. Many credit unions have a monthly cap on what they can lend and many have a maximum loan size. Is there a need to re-invent the wheel? Should we not put a public policy focus on developing the potential of credit unions, given that they are in practically every town and village in the country? It is similar with post offices. I am not sure what is Mr. Ó Muilleaneoir's plan. Is it to put capital in and then go to the markets to raise more money to lend ultimately to borrowers? Why not just develop the credit unions and the post offices, which are not-for-profit and have a voluntary ethos in many respects as well?