Tom Fleming (Kerry South, Independent) | Oireachtas source

Is the Minister aware that his Department, with the Central Bank, is engaged in a deliberate and sustained act of vandalism against the credit union movement across Ireland? In the recent past a number of banks, acting as a type of cartel, announced that they were putting in place a new protocol to deal collectively with unsecured debt, that is, debts that are not mortgages. In doing so, they were effectively giving the two fingers to our new personal debt laws which were designed for debt in general, not just bank debt. It is also important to point out that it was not the credit unions that almost caused the collapse of the State. It is a known fact and will go down in history as such that the banks were the main instigators. It is equally important to point out that it was not the credit unions that cut off credit to tens of thousands of citizens in the State. Again, the banks were the culprits.

While there is a deliberate act of sabotage in play against the credit union movement, there is very little effort to rein in the banks. It appears that the Central Bank is taking the side of the commercial banks. Why does it allow Allied Irish Banks and other banks to raise standard variable interest rates? Permanent TSB is also engaged in this. The increase in the variable rate for mortgages about three weeks ago could probably put mortgage holders further into arrears. Credit unions are being blocked from providing small loans. The Minister should intervene and remove these barriers. I ask him to act immediately. It is a complicated issue, but given his portfolio, he should make a stronger effort on behalf of the people who receive small loans from the credit unions.

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