Joan Burton (Dublin West, Labour)

In the context of savings in the credit union movement, which total approximately €14 billion, has the Minister given any consideration to a proposal by a number of people in the credit unions that credit unions be permitted to hold a national community savings bond via the National Treasury Management Agency? This would offer an alternative and safe savings mechanism for the credit unions as opposed to some of the types of product which, as Deputy Bruton stated, were aggressively sold to credit unions.

Will the Minister agree that credit unions represent a type of back to basics banking service at local level and that the importance of credit unions is significant now that people are experiencing difficulties? The Central Bank has stated that the figure for personal sector lending in Ireland was, at the end of the last quarter of 2008, €172,000 million. The high level of personal debt is causing huge problems for this country. Would the Minister consider a credit union community savings bond with the National Treasury Management Agency on the same lines as the recovery bond proposed by the Irish Congress of Trade Unions? People want to save with the Government in a safe way.

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