Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

This is a useful exchange. There is a recognition in government, as there is on all sides of this House, of the importance of the credit union sector in terms of lending for the short and medium terms. It is an absolutely crucial part of the financial environment for the country. The credit union sector has come through a difficult time, as have other financial institutions, but we need to see a proper assessment and lending policy throughout the sector. However, people must also be aware of prudential risk, which arose in some cases concerning the credit union sector.

The point Deputy Nolan made was useful. We will certainly transmit his views to the Central Bank of Ireland and if further clarification is sought on this matter from the credit union sector, it would be useful. The opportunity the Deputy has afforded me to put this matter on the record, and in terms of raising it in this public way and seeking potential clarification from the Central Bank of Ireland, is useful.

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