Paddy Burke (Fine Gael) | Oireachtas source

In her opening comments Ms McKiernan stated:

Regrettably, standards of regulatory compliance are still well below those required to credibly safeguard members’ funds and to position credit unions to tackle business model development. We are still seeing an unacceptable number of credit unions failing to display strategic understanding and good governance.

Despite all of this, we established from the Department of Finance this morning that throughout the crash there was no net loss to the Exchequer by the credit unions. The payout was approximately €30 million but €35 million has been paid into a resolution fund. Despite what Ms McKiernan has said about governance, and despite all of the bad publicity given to the credit unions and at one stage it was reported they would lose €1 billion, there was no net loss to the Exchequer.