Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

While I appreciate the indication from the Minister of State that he will consider the wording of section 12, I do not see why the amendment I tabled on behalf of Sinn Féin cannot be taken in order to provide clarity in this area. There may be nothing to restrict lending and I am willing to withdraw my amendment if this is what the Minister wants to achieve but I seek to include explicit wording to ensure that social lending to State guaranteed projects is not precluded. The problem with section 12(2)(a), (b) and (c) is that the type of lending permitted is variously stipulated in terms of banks, society and the Central Bank. Clarity in this area would be beneficial to all of us because it would allow credit unions to invest in State guaranteed projects provided they can show us the money. The State has projects that it would like to develop but it cannot find investors. If our home grown, not-for-profit institutions are willing to invest, we should ask them to do so. The amendment I have tabled states that nothing in the Bill prohibits a credit union from lending to a State guaranteed project. Perhaps a caveat should be added to ensure compliance with section 12. I ask the Minister of State to reconsider the matter.

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