Dessie Ellis (Dublin North West, Sinn Fein) | Oireachtas source

Tá athas orm labhairt ar an mBille seo. Tá sé an-tábhachtach ar fad. I am delighted to speak on the Bill. Credit unions have served the people of Ireland well since they were first set up here in the 1950s to give ordinary families a hope of raising credit from their communities in order to build a home or a small business, and to help in their own way to make those communities thrive. As other Deputies have mentioned, many of those people would never have set foot in a bank, as is so commonplace today. The credit union was the financial institution of the common people, the ordinary working class people of Ireland.

The other option for the people it served were the moneylenders who charged high rates, kept people under their thumb and made threats to those who could not pay. We do not need a history lesson on such lenders, although as many people are suffering from their practices now either from debts they racked up in the good times or small emergency debts they were forced to take on as their pay was cut, their tax was hiked and the austerity measures struck home.

While not an Irish invention the credit union has been taken to heart by Irish people. With 2.9 million members in this State and in many areas, every man, woman and child has a few euro in the credit union. People clearly understand through their credit union the solidarity at work in their communities and the way they have all contributed through this crucial institution to building a strong and vibrant locality. In my area we have a number of credit unions which have served us well. I am pleased that I contributed in my way to them personally and as an elected representative and community activist. While many lending institutions have become pariahs, the credit union is still recognised as a valuable and respectable organisation which people trust and know that they are better off for having.

The ideals that founded the credit union movement are profoundly socialist, ones of co-operation between working people for the improvement of their conditions and life, a lesson we can all take something from as we approach a new budget and more expected hardship for those who can least afford it. We in Sinn Féin broadly support the Bill, with a few exceptions. It is essential to update the regulation of lending bodies in light of the problems created in the boom with the easy credit culture but it must be done correctly and tailored to specific institution types such as credit unions. The Central Bank legislation which is to be applied now to credit unions is wholly inappropriate for such institutions. It could be damaging to credit unions across the country which operate in a different manner to banks and should not be governed by the same regulation making them, in effect, one and the same. That would be a great pity.

The Bill is lacking many of the positive recommendations made by the commission. These include service sharing, social finance, microfinance for small business, co-operative ventures and the introduction of electronic payments. I urge the Minister to consider my sincerely held views and ensure that the final Bill will be capable of enjoying the support of every Member such that it will be passed successfully, namely the services to which I referred. The final Bill should include such measures for the improvement of credit union services to its members and its contribution to communities.

I cannot but heap praise on the credit unions in my area - Finglas, Ballymun, Santry and Whitehall. The service they have given to the community is second to none, as is the respect they have given to customers. As my colleague, Deputy Ó Caoláin, stated yesterday, the ludicrous cap of €25,000 on borrowing for families from credit unions should come to an end. However, we broadly support the Bill. I look forward to the continuing debate on it as it passes through the House.

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