John McGuinness (Carlow-Kilkenny, Fianna Fail)
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I am interested to hear Mr. Hession say that, because there is a need for people to borrow €100 or €500 and the licensed and unlicensed moneylenders are causing huge problems in communities. The only thing that kept them at bay over the years was the credit union. Now that people cannot access the type of small money they want to get out of trouble, that is causing enormous trouble in communities around the country. The Central Bank and the Department of Finance or whoever else must examine the situation and take out the time blocks in dealing with the situation. It could be the case that it is the credit union movement that needs to do it but something needs to be done. The sum of €6,000 does not get one very far if one is putting on an extension to look after an elderly member of the family or doing other work that is required urgently. One will just not go through the paperwork required. Some people do not have the paperwork that is sought. They rely not so much on discretion, but on the knowledge-based discretion that can be applied. As Mr. O’Toole said, if one got money to paint the front of one’s shop, it is quite possible that the credit union staff would see that the shop has been painted. Loans must be provided in a far tighter timeframe than would usually apply in these cases. We have gone overboard with regulations. I am pleased Mr. Hession mentioned moneylenders. I urge whoever is responsible for taking the initiative to do something in the interests of the people who are affected.

A total of 64 credit unions did not volunteer. What is the view on them? Is it important that they would be encouraged to volunteer? Does ReBo or the Central Bank have information on them in terms of why they have not volunteered, be it good or bad?