Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

I move amendment No. 47:

In page 63, between lines 15 and 16, to insert the following:38.-The Credit Union Act 1997 (Exemption from Additional Services Requirements) Regulations 2004 (S.I. No. 223/2004) (as amended by the Credit Union Act 1997 (Exemption from Additional Services Requirements) (Amendment) Regulations 2007 (S.I. No. 838/2007)) is amended by the substitution of the following for paragraph 3 of the Schedule:

"3. Debit cards and automated teller machine services (ATMs):

(a) that is to say a service which enables a credit union member to debit their credit union account by use of a debit card or to withdraw funds from his or her credit union account by means of a single credit union branded debit card/ATM card,

(b) conditions to be fulfilled-

(i) terms and conditions of use of such a card(s) must be agreed by the credit union and the member,

(ii) the member must complete the relevant registration form prior to the issue of the card(s).".".

I acknowledge the co-operative manner in which this Bill has been discussed and pay tribute to the Minister's genuine commitment to the credit union movement and his willingness to support it. This amendment would allow credit unions to issue debit cards under the same regulations as those which cover ATMs and electronic funds transfers. Credit unions need to be able to provide debit cards if they are to retain members. The financial needs of their members have changed considerably over the years and while we all open accounts for our children, they move to banks in due course because they want instant access to their money. The best example is the student who always needs money in a hurry. If these young members are to become lifelong members, it is important that credit unions be allowed to issue them with debit cards. The provision of debit cards would also go a long way to addressing the issue of shared services.

This Bill will strengthen credit unions, which augurs well for the future of the movement. If the credit union movement is to be successful into the future, however, it will need full engagement by the Central Bank. The Bill will encourage credit unions to progress to the next stage of their development while at the same time taking cognisance of their special place in society, their mutual nature and their strong voluntary ethos. If credit unions embrace this legislation and the Central Banks improves the delivery of services, we can look forward to a sustainable, volunteer-led credit union sector that meets the needs of the community.

As a former credit union manager, I am a strong advocate of the ethical banking values upheld by credit unions which put their members before profit or personal gain. I want to see credit unions continuing to serve communities in cities, towns and villages. This Bill, together with the €250 million being set aside this year and the commitment that a further €250 million will be forthcoming, ensures credit unions will have an enhanced role to play in providing financial services.

See this speech in context