Kieran O'Donnell (Limerick East, Fine Gael)

The bottom line is that the credit union movement is entitled to have proper consultation with the Minister and to be assured that any regulation governing them is based on sound criteria. That is why we have proposed that an impact assessment should be carried out. We wanted a review to take place as part of the Government commission of inquiry before this legislation was introduced. As late as a week ago, the European Central Bank expressed its opinion that the independence of the Governor of the Central Bank and the commission is not being taken care of in this Bill. This legislation is being rushed. The credit union movement is entitled to a fair hearing, but it has not got it. The Minister for Finance has given it the run-around. That is not good enough.

There are credit unions in every parish, village, city and community in the country. Along with the GAA and the rugby and soccer organisations, the credit union movement represents the heart and soul of Ireland. The credit union is the small person's bank. The Government is about to guillotine the legislation it is foisting on the credit union movement. I am glad the Minister of State, Deputy Killeen, is allowing us to discuss amendment No. 53 with this group of amendments. I thank him for that. This measure will put the cart before the horse. There needs to be a proper impact study on the effect this regulation will have on the credit union sector, which we want to be sound. The great majority of credit unions are in a sound financial position. The many credit unions in the Minister of State's constituency of Clare are doing phenomenal work. I am familiar with the work that credit unions do for people in Limerick city and the surrounding rural areas. I hope the Minister for Finance will give us some comfort by accepting the amendment we will propose in the Seanad and thereby ensure the credit union movement is viable, strong and regulated in a way that does not choke it to death. If it is not able to survive, the banks we are currently bailing out will benefit. That would not be good enough.

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