Patrick O'Donovan (Limerick, Fine Gael) | Oireachtas source

I thank the Minister of State for sharing time.

I am a member of a credit union. The credit union movement in my county has been in touch with me in regard to this legislation. I am sure it also has been in touch with other Deputies and Senators. There is nothing the credit union movement seeks that cannot be facilitated in this Bill. As the previous speaker and Deputy O'Donnell stated, for many families, the credit union movement is the difference between accessing funds and not being able to do so.

The credit union is not a banking movement.

It should not be compared to a banking movement; nor is it fair to use banking terminology when referring to it. The credit union movement is about volunteerism, community, local knowledge and local communities coming together to provide a service that would not be provided otherwise. Credit unions have local knowledge and directors who commit themselves locally.

The credit union movement is trying to promote many innovative ideas, particularly in the area of social financing. One such idea is to work with local authorities, which are currently starved of cash, to carry out simple works in local authority areas. It has been suggested that credit unions could enter into strategic relationships with local authorities and perhaps also with local educational institutions. Credit unions have a social dividend to give to their communities and it is important that they are listened to in that regard.

Having listened to the Minister for Finance opening this debate, it is clear that he is willing to engage with the credit union movement in a constructive way to advance matters. It is important to bear in mind the three pillars of community, volunteerism and local knowledge as this Bill progresses through the House. When the Bill moves into Committee Stage I am sure amendments will be tabled. Many of the amendments proposed by the credit union movement itself are common-sense amendments and I hope they will receive the support of the Government.

I commend my own local voluntary credit union movement in the County Limerick area, which does sterling work. For many families, local credit unions make the difference between access to funds for essential services and the denial of same.

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