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

With no disrespect to Mr. Carville or the Department, his opening statement this morning it does not address the issues we were dealing with yesterday. It mentions overview, reports, implementation groups. If I was running a business the witnesses would be the last people I would want to deal with because the credit unions have a view that they have a contribution above and beyond what they do now to make to their community and to what they see as the developing economy and therefore to people's lives.

Reading through the report of yesterday's meeting and the four submissions made the anger and frustration jumps out from the pages. The credit unions do not know who to look to for support and help. That is how I would characterise what happened here yesterday. Mr. Carville's contribution this morning does not address any of those issues in a way that would give comfort to the credit unions that the Department understands them and what they are trying to achieve and the need for speed in respect of that. Yesterday, they spoke to us about tiered regulation. They are concerned about it. They say it was a key deliverable of the commission report and they are waiting for it. They said that consultation and engagement have been less consistent and transparent than was originally envisaged. Consultation was expected to be meaningful with clear impact analysis forming the basis of significant changes, where consultation has been triggered, sectoral views have often been ignored as was the case with CP88. They add that a one size fits all approach, a regulatory directive, can have significant adverse impacts, short and long term on a credit union. These are just some of the comments being made. In the main Mr. Carville will see that they express frustration. If they are frustrated their members must be deeply frustrated by not being able to access, borrow or deposit money, talk to the credit union about the needs of their communities, mortgages or whatever else.

On Tuesday, Mr. Brian McCrory, president of the Irish League of Credit Unions, ILCU, appealed for help. He appeared before this committee and appealed to members to help the ILCU because nobody is listening to them. He said they are going around in circles. He told us they have €11.5 billion in the banks which he wants to put to good use. Housing was the example given. The ILCU has spoken to the Minister for Housing, Planning, Community and Local Government, who is keenly interested in its proposal. It was suggested the Minister asked the ILCU to help and asked for its proposal. The Department of Housing, Planning, Community and Local Government is in discussion with the Department of Finance but nothing has been resolved. Mr. McCrory was asked what has been achieved. He answered "nil". In this meeting, I have not gotten answers that would address any of the concerns or issues that the credit unions have. I ask Mr. Carville to respond.