Mattie McGrath (Tipperary South, Independent) | Oireachtas source

I welcome the opportunity to contribute to the debate on the Credit Union Bill 2012. I object to the fact that a guillotine is being imposed on the debate on the legislation. When the previous Government was in power, those in opposition complained day in and day out about the imposition of the guillotine. The Administration has used the guillotine more than any other in my experience, although I accept that this is only my second term as a Member. The Government is running with the idea of the use of the guillotine.

There is a need for legislation to deal with the banks. Such legislation was not put in place in the past. The financial regulators were asleep on the job and subsequently went off with their rewards. Mr. Kevin Cardiff, formerly of the Department of Finance, ended up working with the European Court of Auditors.

The Minister should not throw the baby out with the bathwater. I salute the credit unions throughout the country which, in the main, are run by ordinary people on voluntary boards. The credit unions helped ordinary families to survive in the bad times before the boom. During that boom, they did not go mad and offer people 100% funding. They displayed sanity at the time. Credit unions provide people with money for their children's christenings and First Holy Communion, to help them build extensions to their homes, pay for schoolbooks, etc. I am sure that today they are offering loans to ensure many of our students can attend college because that lady, SUSI - Student Universal Support Ireland - on whom we cannot get a handle does not appear to be able to cope. The lady to whom I refer should have triplets to help her to deal with the problem. I do not intend what I am saying in this regard in a frivolous way.

We must support the credit unions. I accept that one or two may have strayed to some degree and these should be dealt with. However, we do not need to introduce a raft of legislation to drive the credit unions into the ground and kill community involvement and community initiatives. What we need is to see a return of the meitheal. People must support one another and their credit unions must support them. I appeal to the Minister to make haste slowly. Legislation is needed to deal with those whom we might term "gangsters" or "banksters". However, it is not required for the credit unions which are of good standing and doing their best. I ask the Minister to give consideration to that fact.

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