Michael McGrath (Cork South Central, Fianna Fail)
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I welcome our guests. I wish to comment on a couple of the points that were made. In view of the fact that MABS deals with many distressed borrowers, I would be interested in hearing the views of the representatives from MABS on the essential differences they experience in the context of their interaction with banks, on one hand, and credit unions, on the other. Quite justifiably, they placed a great deal of emphasis on the role of credit unions in the areas of social inclusion, financial inclusion and social lending. What are their views on how this role can be protected, particularly as it is going to be placed in a proper regulatory context? There is a great deal of concern among banks and credit unions with regard to the Personal Insolvency Bill 2012 and the impact it is going to have on their capital bases and financial reserves. Does the credit union Bill, as proposed, strike the correct balance between protecting the unique role of the credit unions in society and ensuring that there will be an adequate prudential and regulatory regime in place?