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

In answer to Deputy Michael McGrath, Professor Lane stated that the fact that there are higher interest rates does not mean that a bank, possibly an outside bank coming into the market, would ignore future potential in favour of what prevails in the marketplace. The same should apply to business people or individuals who went through difficulty. They should not always have to pay for that by being listed as a credit risk for three years even after they are out of the clutches of the banks. I ask that the committee be given a note on that and relating to the earlier question about credit unions, how they operate vis-à-vis the ICB and the views of the Central Bank in that regard.

The new regulation brought in to regulate communities collecting money in a club or piggy bank which is then lodged under one name to a credit union is having a great deal of negative effect on people who want to save small sums of money each week and need the credit union to so do. It was working perfectly for them but now they cannot do it. I ask for a note on the reasoning behind that regulation.

Is the Central Bank conducting an inquiry into GRG? I ask because the committee today received substantial information in that regard which it has not yet gone through.