John Perry (Sligo-North Leitrim, Fine Gael)
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On that point, we know the demographics of the region, we know where credit unions are and we know of mergers that could never happen. All of that was well known before this fund was well established. This does not answer the question because we know only too well that the fund given by Government is very similar to the microfinance fund for small companies. Ten reasons were given as to why the fund could not be used. I am finding ten excuses as to why this fund could not be used. This fund of €250 million was established in 2011 and all that has been drawn down is €3.2 million while at the same time, credit unions are on the floor and they are facing red tape. It is quite feasible that a credit union in a small village will not merge with a credit union five miles up the road.

The Government gave the fund to reignite credit. I refer to the home improvement grants being announced by the State to get the construction sector going and to create jobs in the economy. If people go to the credit union, they face red tape and the caveat that it has reached its monthly quota. This is very disappointing. I am very disappointed that one third of the fund, which has been given out, has been in expenses. Regardless of who is doing what, it is voluntary.