Gerry Horkan (Fianna Fail) | Oireachtas source

Are the existing restrictions on investment appropriate or could they be adjusted in terms of other relatively risk-free types of investment? The credit unions seem to be frustrated. It has almost got to the stage where they do not want to take in deposits because they are putting them in banks where they are getting a negative interest rate. They are being charged by the banks to mind their money and equally they have solvency and other ratios in terms of reserves with which they have to comply. People want to put their money in credit unions because they appear to members of the public to have a much less tarnished reputation following the past ten years than other parts of the financial services sector. People are comfortable putting their money on deposit in the credit unions and in the post office, albeit not getting a great return, but they would not be getting a great return on their savings in a deposit account in the pillar banks or probably anywhere else. It has got to a stage where credit unions are more or less putting a restriction on the taking in of deposits, be it a total amount of money on deposit or a particular amount per month. It is a perverse and unusual relationship for a deposit taker to no longer want a customer's money. Would Mr. Carville recommend changing legislation to allow the credit unions to invest in other areas, albeit not in very risky investment but in slightly less risk-free investments than they have made up to now? As the Chairman and other members said, their hands are tied. They want to take money in and to invest it but they are not allowed to invest it in social housing. Where are they to go next?