Brian Lenihan Jnr (Dublin West, Fianna Fail)

As regards any bond which the National Treasury Management Agency might enter into with the credit union movement, I am open to any proposals. I am also certain the NTMA would be open to any proposals formulated in that regard. I would examine them with great care because the Government values the enormous contribution which the credit union movement makes in the provision of credit and basic bank facilities throughout Ireland. However, I would point out that it is difficult as Minister to develop a consensus among the credit unions as not all credit unions are affiliated to the league. Also, even within the league there can be diversities of view in regard to particular issues. However, if any credit union expresses an interest in respect of such a bond, I will examine it.

On the Deputy's more general question which I appreciate does not arise directly on this question in regard to the provision of some form of savings bond by the National Treasury Management Agency for general investment, I am again open to the suggestion. However, I point out that the rates at which we obtain funding on world markets might be less than that which would command interest among investors. Also were we to offer such products through the post office or directly from the NTMA, an issue would arise in terms of the extent to which we would be simply transferring deposits from the banking system to the State banking system.

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