Micheál Martin (Cork South Central, Fianna Fail)

I welcome the Minister's response and his engagement with the stakeholders. He admitted that the position on Committee Stage was somewhat of a blunt instrument, but having heard the debate in the House and the concerns expressed externally, he has been prepared to refine it and refer the issue of appeal to the Commission on Credit Unions. This provides an opportunity for further reflection on the issue and to get the balance correct. We must be realistic and accept that the unprecedented crisis has impacted on credit unions. The credit union movement is vital for people on the ground. Credit unions provide vital credit to working families in different contexts. Anything that strengthens the credit union movement, and gives certainty and security to credit union members, the public in general and to depositors is to be welcomed. I do not think we can pretend that everybody has escaped the impact of the crisis. They have not, and as a result we must be realistic in our approach and get the balance right between the regulatory impact and the sustainable operation of credit unions across the country.

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