Damien English (Meath West, Fine Gael) | Oireachtas source

We can have conversations around the development of relationships but the thrust of this legislation as it developed over the past couple of years, and certainly the conversations around it, have been focused on strengthening the relationship between the credit union movement, the Central Bank and the Department. Certainly in the past 12 months, that relationship seems to have developed a lot and this legislation facilitates that. The forum and the memorandum of understanding will help as well and enhance the relationship. It is clear from Deputy Doherty's comments, my own comments and those of the Minister of State, that this is what we all want. We want to recognise and strengthen the role of credit unions and make it easier for them to do their work while ensuring transparency around rules and regulations is in place. We want to enhance and develop the relationship, and that is the aim of this and other legislation. We want to enhance how credit unions work, who they can reach and serve, and enhance the services they provide to existing community members but also to those who might miss out because of where they live or because they are an SME. That is the thrust of it. Our desire is to ensure the Central Bank is part of this and it is my understanding, having listened to the Minister of State, that the bank is fully behind these changes, which is positive. We must, at all times, recognise that. I remember a time, ten or 11 years ago, when the relationship was not the healthiest and we must take every opportunity to strengthen it.