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

Recommendation No. 1 states: "Detailed scoping paper submitted to the Central Bank [...] for consideration". Mr. Corr has done all his work. He has done his recommendations. This committee did recommendations, so the Central Bank now has to think about it.

Recommendation No. 2 on the lending limits states: "Detailed scoping paper submitted to the Central Bank in November 2017...". With regard to the steps required it states: "Requires formal consultation by Central Bank, which commenced on 24 October 2018." We have more consultation, chat and so on.

We have the same thing in recommendation 3(a) which states: "Detailed scoping paper submitted to the Central Bank in November 2017", and it has not been introduced. Recommendation 3(b) states: "Remains a matter for consideration by the Central Bank [...]". Recommendation No. 4 states: "Remains a matter for consideration by the Central Bank [...]".

Recommendation No. 6 is on business model development. That has been done because that is the credit union developing itself, with no reliance on the Central Bank or the Department of Finance. That will go ahead; that is grand.

Recommendation No. 7(a) states: "Minister to consider [it]". Recommendation No. 7(b) states: "Minister to consider [if it is necessary]". Any action that was to be taken by the credit unions has been taken but actions that require the intervention of the Central Bank or the Department of Finance will take forever. I ask Mr. Corr to comment on all of that against the backdrop that digital banking has now become extremely popular. N26 and Revolut are participants now in the Irish market and regulated. They are steaming ahead and we are in the dark ages in terms of the credit unions of which I as a member am extremely proud. We are being unfair to the credit union movement in the context of what it could do and wants to do, and the Central Bank and the Department of Finance are dragging their heels. Mr. Corr might comment on that.