Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

First, I wish to indicate that I will be resubmitting amendment No. 99, which I did not get an opportunity to move earlier. I also wish to flag that I will be drafting an amendment similar to amendment No.11 on remote working for Report Stage.

The issue I want to raise in respect of section 59, which imposes a levy on financial institutions, relates to the industry funding levy on credit unions. The Minister has engaged on this issue previously. The levy on the 240 credit unions throughout the country will increase from €1.5 million to €7.8 million by the end of 2021. This will have a big impact on the credit unions which, as the Minister knows, are not-for-profit, community based, volunteer-led organisations. We should be recognising the unique nature of the credit union movement. It is a community based movement that is providing microfinance to people who cannot get access to credit elsewhere. The credit union movement should not be treated by the Central Bank in the same manner as the other financial institutions. It is imperative that we look again at the structure of this levy. There must be an acknowledgement by the Central Bank that the credit unions are unique and should be treated in a unique manner.