Oireachtas Joint and Select Committees

Thursday, 11 December 2014

Public Accounts Committee

Credit Union Fund Accounts 2013; Credit Resolution Institution Fund Accounts 2013; and Credit Union Restructuring Board Accounts 2013

12:10 pm

Photo of Joe CostelloJoe Costello (Dublin Central, Labour)
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My point was, quite simply, that if we put a figure of €250 million - and that was seen to be a reasonable figure at the time - there could be an impact and a fear created abroad that there is much more wrong and much greater difficulties with the credit union movement than actually is the situation if, in fact, only a tiny fraction of that sum will be drawn down to restructure the credit union movement. We need to get that message clearly out into the ether among the citizenry.

Approximately 2.5 million to 3 million people throughout the country are involved in the credit union movement. They must have confidence in this particular financial institution, which caters for small family savings and loans. That is my only concern about it.