Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

The amendments before the House, which are of the same nature, relate to what has been termed "shared banking". The Irish League of Credit Unions is well aware of the need to protect the funds of credit union members and to ensure the necessary infrastructure is in place to support any move towards the provision of shared services to members. Obviously, there is no question of running into this blindly without the necessary regulations, protections and infrastructure. In light of the need for that level of regulation and protection to be in place, it is equally valid to say nothing should impede credit unions that want to move in this direction. If we were to pass this Bill without using it to spell out the fact that credit unions which might wish to move in this direction will be facilitated when they are ready to do so, it would seem to be a huge missed opportunity.

I believe the credit unions are being eminently reasonable in this. The obvious point to make is that, as the Minister of State has said, by and large - with a few exceptions - the credit union movement is not in trouble, has not acted in a reckless fashion and is very responsible in how it uses and protects the funds of its members. Its general orientation is such that it is far less likely to engage in a reckless manner, as we know the banks did with gusto.

It is fair to accede to this request that the Bill should set out the right of credit unions to move in this direction, but with all the protections and caveats that would be necessary to ensure they are actually capable of doing that and protecting credit union members. It is quite possible for the Government to come up with a formulation that deals with those concerns, given the need to be cautious, while on the other hand facilitating the credit unions to move in this direction. It is something that will be of benefit to citizens in providing them with an alternative to the commercial, for-profit retail banking system.

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