Pearse Doherty (Donegal, Sinn Fein)
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I am not underestimating the capacity of the credit union movement to change and adapt. Mr. Molan outlined clearly how that has happened and how credit unions have had to respond to the Credit Union and Co-Operation with Overseas Regulators Act 2012, as well as some of the advancements that have taken place. I am concerned about some of the shackles, as I have referred to them, or the restraints on the movement and whether they will be lifted to allow for the credit union movement to meet its full potential and to act as that movement which fills the space that people are talking about Sparkassen filling.

Some of the change is happening quickly but then some of it is also very slow. I am a huge advocate of the credit union movement but nowadays people are using their iPhones to pay for goods. Mr. Molan mentioned plastic cards, which are not available across the board. There are restraints.

It is going to take another year to lift the shackles off the credit union movement and allow to move forward some of those that have met their threshold in respect of lending to small and medium enterprises or very close to it. There has not been a very good response from the Central Bank on some of these issues. Mr. Molan can respond to that if he wishes.

I also want to ask about the debate that has been taking place on the credit union movement in respect of using its members' assets to invest in social housing. The Minister had suggested that CUDA, of which Mr. Johnson is chief executive officer, was now in a position to invest in a special purpose vehicle set up by one of the approved housing bodies, AHBs.

It was also suggested that the Irish League of Credit Unions, of which Mr. Farrell is the chief executive, would be in a position to do so by the end of October. Has that been resolved? Is the credit union movement now in a position to invest substantially in social housing? Is the vehicle that was designed by the approved housing bodies the way the credit union movement believes its contribution should take place in addressing the social housing needs or would it prefer a different bespoke instrument to be set up?