Mr. Bernard Sheridan:

I do not agree with some of the things that the Deputy has said. I agree with his point about the credit unions being a real alternative. To be fair to the credit unions, the most growth has taken place in the catalogue companies. It is more difficult for credit unions to compete with that type of lending but I am not saying they could not do so. Potential exists in the sector and research has shown, for example, that if a moneylender ceased to do business then 43% of people have said that they would approach a credit union. Many people who use moneylenders already have relationships with credit unions and banks so there is a potential for credit unions to build on that situation. The credit unions must examine their products and assess whether they can compete with the products offered by moneylenders.