Joe McHugh (Donegal North East, Fine Gael)

I applaud the Minister for seeing sense in his consultation with the credit union movement. His decision to refer this particular aspect to the Commission on Credit Unions is wise. It is important to note that in our democratic model we have Opposition and Government sides, but the backbenchers on the Government side have a democratic role to play in Government. I reiterate my thanks to the Minister for taking our concerns on board. This was a wise decision. The credit union movement is in a healthy state, with over €1.7 billion in reserves, €12 billion in assets, personal loans of €5.6 billion and personal savings of €11 billion, which means that the total membership of 2.7 million people have average savings of €4,000. That is indicative of a very healthy credit union movement. The credit union movement is very important in peripheral areas of our constituency, where it provides not only an economic framework but also a socio-economic model which is beneficial to communities. I know that in certain sectors, for example, students are finding it more difficult to get loans, but the credit union is a very important resource.

The debate on this Bill is an example of democracy working. The Irish League of Credit Unions put forward a very good case and it is very much aware that the Commission on Credit Unions is a good model for it to work through. They are open to new regulatory frameworks. It is very important and I know the Minister will be working very closely and liaising with them. The voices of those of us on the backbenches were heard and I thank him.

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