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

I get the sense that the Central Bank could relax its overview of credit unions, not relax the regulation but focus them all in the right direction. There are individual issues, as Mr. Sibley has said, but credit unions should be encouraged because they are responding to local demand and need. They know their customers. The opposite to this is the banks, who do not know their customers. They are exiting and they are gone. What we will be left with is credit unions fulfilling the role of community banking. That really is what we will have.

I ask the Central Bank to understand what credit unions are all about and understand where they have come from. Recently I addressed the Irish League of Credit Unions, ILCU, AGM in Kerry. The registrar was also there. I have to say the difference between the AGM of the credit union movement and the AGM of a bank is considerable. Credit unions are there and they want to work. Many of the people involved are volunteers. They serve the local community. Over the years they have done a fantastic job. I want to see a structure in place that allows them to respond to the new marketplace that is developing, and to capitalise on the fact that greedy banks are retreating and there will be nothing left in the parish now only a credit union. That would be a good day for local people, provided the Central Bank gives credit unions the tools necessary to compete and do the work.

This is coming at the end of a long day so I will suggest to the committee that on another day we will have only the registrar before us and we will go through everything in detail, because I believe the credit union movement is important enough to have a separate session on it.