Paschal Donohoe (Dublin Central, Fine Gael)
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That is completely different. There is a significant difference between the charity sector and any sector involved in the lending of money. That is the reason the regulatory needs we have for organisations involved in providing billions of euro worth of credit into our economy every year are completely different to the needs we have to regulate the charity sector.

The Deputy made the point that the credit unions are in the same category or group as our banks. That is not the case. The contribution they will have to make to the funding of their regulation is half of what the banks must give. It is a well-established principle across all of our economy that sectors which need regulation make a contribution, mostly in full, to the cost of it, whether it is the energy regulator or the Pensions Ombudsman. They are all fully funded by their respective industries. In this case, we are recognising the difference of the credit union movement with this lower rate of contribution.