Kieran O'Donnell (Limerick City, Fine Gael)
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I have two points to make. I welcome the fact that the Minister, under section 12(3), will consider offering some flexibility in the areas in which investments can take place. It is often forgotten that credit unions had a dual problem. Some invested in perpetual bonds that they should never have gone near. Clearly, there was a problem with regulation at the time.

The Minister spoke about front-office and back-office arrangements. I understand that in respect of the back office, it is possible to move in the direction stipulated. I welcome the fact that we want functioning banks but the credit unions need to be in a position to pay a dividend to their members. Many of them are not doing so. Therefore, the balance sheets must be firmed up such that the credit unions can compete in a very competitive market and start to pay dividends. Credit unions are different from banks in that they are basically paying back the surplus to their members. There is a subtle but important distinction. For the credit unions to be able to compete in this age, they ought to have debit cards and ATMs.