Joan Burton (Dublin West, Labour) | Oireachtas source

Like other Deputies, I have received a great deal of information from credit unions on their concerns about the changes in the levy. Significantly, the credit union movement is operated by volunteers. Admittedly, there are professional staff in credit union offices, but the overall management structure is on a voluntary basis. Credit unions offer banking facilities on a community basis not only for individuals in local communities but also for voluntary and sports organisations. Will the Minister re-examine this until such time as there is a clearer pathway as to the impact? The material I received from the credit unions indicates that they could be severely affected. The Minister is now stating that the impact may not be as negative as feared. If that is correct, then it is welcome. Is my understanding of what the Minister said correct?

Comparing credit unions to banks is rather unfair, particularly in light of the credit unions' voluntary and community nature. Moreover, they are heavily constrained, as the Minister is aware, in where they can invest because of their particular community and voluntary nature. On the other hand, they represent vital financial infrastructure especially to the many communities where there are no longer banks or where, in future, there may well be far fewer ATMs.

The Minister should bear in mind the role credit unions play and the significance and importance of that role. Is he stating that on account of other payments the credit unions are making for stabilisation, the levy will be mitigated? Is he stating that he believes credit unions will pay less overall? What if credit unions end up paying far more or, as the note before us indicates, are compared like for like with commercial banks? I do not believe that is an entirely appropriate comparison.

The Minister needs to provide more information. I am not sure whether the Department has carried out an impact assessment of the likely changes in the levy. If the Minister has the details set out, can he supply the impact assessment to the committee? That would be helpful.