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

I agree there should be a healthy tension between the regulated and the regulator. However, coming from my business background, I would hate to be regulated by this regulator. I understand an awful lot of the frustration expressed by the credit union movement.

I agree with Deputy Michael McGrath and other members that there is a clear need for the credit union movement in this country. They have been around since the 1940s and they have cost the State €25 million or €50 million, whichever figure one wants to take.