Michael McGrath (Cork South Central, Fianna Fail)
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On amendment No. 12, the Minister has made the point that there is no provision in statute to prevent the establishment of a credit union services organisation. I presume that, by extension, the scope of the work of any such organisation would not be limited in law. I accept the Minister's comments to the effect that explicitly listing the functions of credit union services organisations could actually narrow the scope of what these organisations can do.

Amendment No. 13 specifically relates to State-guaranteed projects. The Minister has made the point that there is nothing in law to prevent credit unions from engaging in this type of investment activity and indicated that he is open to considering proposals. I accept what he said in this regard.