Gerry Horkan (Fianna Fail) | Oireachtas source

I do not doubt that everything the delegates are saying is 100% true but the tone I am hearing regarding the interaction and list of meetings Mr. Carville outlined is quite different from that of the credit union sector. Mr. Carville heard what the representatives were saying because he was watching the footage of the meeting. There is a palpable sense of frustration. The credit unions feel they have all this money, doing all this work, much of it on a voluntary basis, and going nowhere. They said to us there would need to be a radical change in the mindsets of the people who regulate and govern. We can talk about the regulator next but ultimately the regulator is bound by legislation that comes from the Minister, Department and these Houses. If the credit unions are not going to be allowed to do things, they should be told, and if they are allowed do things, they should be allowed get on with it subject to normal oversight. It is frustrating for all of us to hear from them what they are saying. The Department is saying it is getting on with the credit unions and dealing with them on a day-to-day basis. Maybe it is the entity they feel they have difficulty with as opposed to the arrangement dealing with the operations on a day-to-day basis.

All members share the frustration that was absolutely palpable in the room. It was expressed by all the various witnesses, especially those from CUMA, CUDA and the ILCU on Tuesday. We probably need to have them back in again in three or six months, along with the Department and regulator, to see where things have moved on.

I thank the delegates for their presentations and their interaction. At this stage, we are probably ready for our main course.