Michael McGrath (Cork South Central, Fianna Fail)
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I thank Mr. Farrell. I will discuss with Mr. Hosford the issue of section 35 lending restrictions. Representing the managers' body, he is well placed to tell us what impact they are having. The commission recommended a review of the operation of section 35, but lending is credit unions' bread and butter. Without being able to lend, they do not have a viable business model. What impact does section 35 in its current construction have on the day-to-day operation of credit unions?