Joe Carey (Clare, Fine Gael)

I, too, strongly support this amendment. The credit union movement is an integral part of community life in Ireland, particularly in my constituency, County Clare. I am sure my colleague, the Minister of State, Deputy Killeen, has met deputations from County Clare credit unions in his constituency office. Since Friday, when this latest bombshell was dropped, they have been in touch with me.

The credit union movement has been conned on this matter by Fianna Fáil and the Minister for Finance. They were duped and told, "We're going to sort this out. Don't kick up a racket - we'll look after the credit union movement". They have not done so and this Bill is where it counts. I appeal to the Minister of State to look favourably on the credit union movement, the wonderful work it does and the flexibility it can offer its members. When people encounter difficulties loans can be rescheduled. The country is now in a very difficult situation. People are under huge financial stress and the flexibility the credit union movement can offer its members was never more needed.

The new proposals would bring about considerable oversight of credit unions in terms of regulation. The credit union movement is not broken so there is no need to fix it or tamper with it. I strongly support this amendment.

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