Michael Creed (Cork North West, Fine Gael)
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Is it not the case that credit unions have strayed from the category of core lending, their original raison d'être? Core lending in all financial institutions in the period since 2007 has been on a downward trajectory. People have been repairing their domestic balance sheets and have not been in a position to borrow, rather they have been repaying loans, which is the reason deposits in credit unions have risen. Whether core lending will be driven by car sales or loans to cover the costs holidays, education or house repairs which have been put on the longer finger, what the registrar is doing in using the decrease in core lending as a stick with which to beat the credit union movement is unfair because it has been the hallmark of all financial institutions following the crash. The credit union movement is now positioned to release funds to meet the pent up demand for loans.