Paul Kehoe (Wexford, Fine Gael) | Oireachtas source

I welcome the Bill. I am very much in favour of the legislation and I compliment the Minister and the credit union commission on its introduction.

The credit union movement has done significant work in Ireland over a long number of years and it has good ethical banking values. We all will be aware of the banking problems in recent years and the way in which banks have ruined the country with their reckless lending. I compliment the credit union movement on its prudent lending. Credit unions were mature in the way they carried out their business.

It is amazing that all credit unions were run by voluntary members who were not getting big salaries and bonuses. They were persons who, as Deputy O'Donnell stated, had a genuine interest in the credit union movement in their respective communities, and they were not driven by profit or personal gain. The good point about the credit union movement is that credit unions kept local money local and supported the community. I compliment the credit union movement in all towns and villages across the country on the facilities they have provided and on the way they have improved them.

I compliment voluntary directors in particular for getting extra training and support in order to carry out their roles. Nearly every member of society is a member of a credit union.

I ask the Minister to give careful consideration to one aspect of the Bill, namely, the length of time voluntary members may serve. It is difficult to get genuine volunteers for any organisation. In many cases voluntary members in credit unions have given 20 years or more of service. I ask the Minister to examine that aspect of the Bill and the way such voluntary members could hold their officer roles.

If we did not have credit unions, people would be driven to moneylenders. We are all aware of the manner in which moneylenders behave.

I compliment the credit union movement. Its members have spoken to me regarding this legislation and the Minister, on Committee Stage, will take on board the views of the Members of the House.

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