Caoimhghín Ó Caoláin (Cavan-Monaghan, Sinn Fein)

I wish to say at the outset that there should be no mistake about it - the regulation of credit unions has not failed. As providers of financial services to communities, they are distinct and, in particular, socially focused. I hate to think what situation countless thousands of citizens and businesses would be in if they were unable to avail of the credit union network and disposition we currently enjoy. While the current situation is bad, it would be infinitely worse without the credit unions. I do not doubt that in such circumstances, the dole queues, the number of people on the emigrant boats and the extent of the poverty that is evident up and down the length and breadth of this State would be multiplied. The immigrant boats and dole queues and the poverty that is already showing throughout the State would otherwise be there in multiples. Their role has been phenomenal and deserves to be acknowledged and given full credit.

It is important that the measures being introduced to - fix is hardly the right word - address and substantially improve the regulation of the banking sector do not adversely impact on the operations and success of the credit union movement. That would be an unacceptable outworking or by-product of what is contained in this legislation.

Sinn Féin agree wholeheartedly with amendment No. 10, as presented by Deputy Burton, which provides for the establishment of a credit unions consultative panel to represent and safeguard the interests of credit unions and, very importantly, the interests of the members of credit unions, because credit unions are all about their memberships.

One of the concerns validly expressed by the credit union movement is that the current consultative process in the sector is not adequate. It has been said to me and, I am sure, to other Deputies, that the advisory panels should be confined to the specific areas of review and not broadened out across the industry as a whole, as has so often happened. For example, the current practice of representatives of banks commenting, at panel level, on regulatory issues relating to credit unions is wholly inappropriate and should be brought to a stop. It is not the banks' business. If they minded their own business it would suit them better. That is one of the critical areas that need to be kept in the back of our minds as we consider this matter.

The credit unions have played a phenomenal and unsung role, particularly in the past two or three years but also for decades before. In the past number of years they have helped families and small business to survive through this outrageously difficult financial situation, which was not brought about by any of those people or contributed to by the credit union movement throughout the country. It is a national movement.

I strongly support amendment No. 10 and I join with the earlier voices in urging the Minister and the Government to accept it in its entirety.

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