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

Tarnish someone with the brush. I am sorry but Mr. McCrory should tarnish someone with the brush because we are here and listening to the submission he is making. Mr. McCrory said in his opening statement that he is searching for champions. I do not believe there is anyone in the Houses who would speak against a credit union. I am a member of a credit union and many Members right across the political divides are members of credit unions. We support the credit unions. I want to see the credit unions allowed to be developed but when we meet with the other side of this argument on Thursday, we want to have all the specifics on this subject. It is either a case that regulation within the Central Bank and its response to the Irish League of Credit Unions is just not up to it or it is the case that the legislation in its entirety needs to be re-examined and amended. One cannot help but note from Mr. McCrory's contribution the frustration and, at times, anger over the fact that credit unions do not have somebody to champion their cause and we note his reference to the poor response from the Government, particularly, in the example given by Mr. McCrory, with regard to the housing strategy. My answer is that within the House and among its Members, the credit unions would have the greatest of respect. I can point to my own constituency and county and say that St. Canice's Credit Union is a magnificent example for anyone to follow. It has helped those who were in debt to moneylenders. It has helped with the local enterprise board in supporting business and helped some of us with regard to election campaigns. A credit union is an essential element in the make-up of any community. I know from listening to the committee members' questions that they want to support what the Irish League of Credit Unions is doing. The fact is that credit unions have champions. Within this committee there would be an agreement to continue to champion and highlight the issues that concern credit union representatives to drive on the change and reform the Irish League of Credit Unions believes is necessary. I am taken aback at the lack of exchange by those who hold the reins, be it on the Department's side or the regulatory side, and that they do not see the value and do not engage sufficiently well to allow credit unions to perform to the full extent in the marketplace. If that is the case then we must go back to identify where the problem lies. We must first identify it and address, as parliamentarians, what appears to me to be a highly disrespectful approach by the regulator to the credit unions. This is how it appears to me. There is also a misunderstanding or lack of understanding about the role credit unions play - and are trying to play in an extended role - in the community, which is a positive for community development. That must be addressed. Mr. McCrory spoke of the housing investment. What kind of money are we talking about? If he was asked to invest in the morning what money would credit unions make available?