Mr. Ed Farrell:

Section 44 of the Act, which Deputy Maureen O'Sullivan raised, is on a fund an individual credit union can create out of its own money. It would not be a loan. It is a small fund and it can sponsor the local team or local school. It would not be a loan one would be getting back, it would be helping-the-community initiatives. It would be more like a charitable activity. On the scale of it, one is only allowed to put 2% into it. Even if one could lend it, the fund would not in any way be big enough. In any event, it is more to do with credit unions sponsoring local initiatives and bursaries.

The same aspects apply to dormant accounts which are kept for the people whose names are on those accounts or their next of kin. Again, it would not be meant to be used for something else. Somebody lodged that money and credit unions would make every effort to find the rightful owner or next of kin. Money in credit unions is insured. If one lodges €100 to a credit union and, God forbid, something happens, that money is generally insured with another arm of the leagues. If one had a loan and passed away, one's loan is repaid out of that insurance. Again, families and credit unions go a long way to make sure that whoever is entitled to that money, even after a death, gets it as to do otherwise would be very difficult, no matter who might be the recipient in those circumstances.