Eamonn Maloney (Dublin South West, Labour)

In common with other Deputies, I commend the Minister and his staff for drafting this historic legislation. It is perhaps regrettable that such a Bill is required but that is where our economy is. I have listened to the debate unfolding and I wish to confine my remarks to the credit union movement, which is the working man's bank. While many of the contributions thus far in the debate have been interesting, they focused on secured and unsecured debt in the banking sector. I want to, however, focus on the credit union movement which, in my view, will be negatively affected and disadvantaged by the schemes provided for in this Bill. For example, the Bill provides for the introduction of debt relief notices, which will address secured and unsecured debts of less than €20,000. Given a substantial number of borrowers fall into this category, credit unions will be disproportionately affected. It is hoped this issue will be addressed by the Minister. I appeal to him to ensure we do not end up with a Bill which leads to the situation whereby those on low incomes or on social welfare are prohibited from ever borrowing again. We are all aware of the history of the credit union movement. That people are on low incomes does not mean they cannot honour their debts. The credit union movement states that they are.

We must not legislate in a way which results in people on social welfare or low incomes being thrown back into the arms of unlicensed money lenders. That would be a retrograde step. I ask that the Minister take on board that point.

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