Joan Burton (Dublin West, Labour)

I understand the current level of total deposits in credit unions is between €13 billion and €15 billion. While the Minister may have a more accurate figure, the sum of money involved is certainly substantial. Given that most of this money is lent out conservatively because credit unions, unlike banks, have limited powers to lend and must operate differently from the banks, is it appropriate that banks and credit unions should be in a common guarantee scheme? Given that the savings protection scheme operated by the Irish League of Credit Unions has functioned well thus far, is the Minister implying that he proposes to abandon the scheme or will he produce legislation to maintain or modify it? Should the credit unions and banks be lumped together permanently in a one-size-fits-all scheme?

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