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

In our discussions this morning, we must also consider the staff on the front line. Some of them are terrified that they will do something wrong in relation to the regulation. I am not talking about every credit union or my own credit union, but sometimes if members ask a question they might be met with a period of silence where one can almost hear the cogs rolling as the member of staff wonders if this or that regulation applies. It is not right. As a collective, it is up to the credit unions to make it right. Making it right might not be in the capacity of the credit unions themselves but it could be through telling this committee the truth of the matter as to who is holding the process up and what is being held up. They should describe the obstacles.

I agree with Mr. Molan that there are other lenders who do not have any regulation whatever and get away with it. At the other end, there are the banks which get away with everything. I do not know what the credit unions are doing wrong. If the representatives here will tell us exactly what the truth of the matter is, the committee can take it up with the Central Bank or the Department of Finance. However, they need to tell the committee what they want done.