Kieran O'Donnell (Limerick East, Fine Gael)

I welcome the section. I have dealt with credit unions over many years and know a huge debt of gratitude is due to the credit union movement. Before the advent of the Celtic tiger in the 1990s, many small businesses would have gone under but for credit unions. Banks were not providing overdraft facilities and people had to go to the local credit union to get a draft to keep them going for the week or month.

Notwithstanding that debt of gratitude, I welcome that we are allowing credit unions to lend over longer periods and also that we are introducing controls at the same time. However, I take on board the points made by Deputy Bruton, particularly with regard to the investments credit unions are making. A wide range of products is available and, while credit unions obviously try to maximise returns for deposit holders and members, control mechanisms or other guidance should be put in place with regard to the type of investments credit unions should make.

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