Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The Minister cannot give a guarantee that in seven years’ time, the credit unions will not be paying the full 100%. Even after the crash, the banks were paying 50%. I always argued that was wrong and they should have paid 100%.

The point is that the Minister is now putting credit unions on such a trajectory. He is not recognising their unique value and nature. He can argue that he is by slowing the introduction and having consultation. The credit unions will tell him that the Central Bank did not listen to the feedback from the consultation, however. The Central Bank said it was going up to a 50% industry levy. It asked what were the credit unions’ views on that but that it was still doing it. That is not proper consultation.