Michael Noonan (Limerick City, Fine Gael)
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Under the law already, credit unions must apply to the Central Bank for permission to offer new services. A debit card service comprises a new service. The reason credit unions did not apply in the past is twofold. The application procedure was a little complex. In addition, savings underpinned loans quite frequently in the credit union movement. One could not allow somebody with a debit card to take away the collateral underpinning a loan. This has been solved in this Bill. The application procedure to the bank will be vested in the boards. The board will make a decision on the application. Once the Bill is enacted, it should be possible under the two headings for credit unions to provide debit card facilities if they see fit.