Seán Crowe (Dublin South West, Sinn Fein) | Oireachtas source

The Bill should be about the future as well as about regulation. I have asked why the Government is opposed to shared services and electronic accounts. Credit unions should be allowed to invest in socially responsible job creation schemes with State-backed guarantees. Is it necessary to provide for term limits for board members and prohibitions on service by family members? I see these measures as undemocratic and an attack on the core of volunteerism. They will have a negative effect, particularly on credit unions in rural areas. Why does the Bill discriminate against credit unions in this way? Is it proposed to introduce similar restrictions for board members in the banking or education sector? Why pick on the credit union sector in particular? Credit unions already face difficulties in recruiting directors.

Sinn Féin wants the legislation to provide strong, effective and appropriate regulation of credit unions. It must reflect the fact that credit unions are not banks. They are ready and willing to tackle the huge socioeconomic problems which have come to the forefront since 2008, but the legislation must allow them to do so.

Members on all sides of the House have made reasonable proposals for improving the Bill. Many of the measures it introduces are positive, but it has failed to strike the right balance overall. I hope the amendments tabled by all sides will be considered by the Minister on Committee Stage. We want to support the Bill but it needs to be improved if is to get the balance right.

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