Gerald Nash (Louth, Labour) | Oireachtas source

I thank the Minister of State for his comprehensive reply. The pilot framework will be initiated in June and I wish this process well. It forms part of the Government's holistic approach to dealing with personal indebtedness and mortgage arrears, in particular, which have bedevilled the country for too long. The Government is trying to take a coherent, co-ordinated and comprehensive approach to addressing the problems experienced by too many people to ensure they can again become economic actors. It is also welcome that the initiative is being tested in advance of the full roll-out of the personal insolvency service. The approach needs to be holistic and it needs to take in as many institutions operating in the economy as possible and practicable. It has been my experience, and I am sure that of most Members who are familiar with the work of credit unions, that they have actively engaged on a bilateral basis with individuals and families in distress. I am hopeful that a number of concerns expressed on a formal basis by the ILCU can be addressed by the Central Bank and the Department of Finance, if necessary, because it is important that we recognise their fundamental role in our economy, that they are important economic actors in our communities and that people have a deep attachment to the credit union movement.

It has often been described as the people's bank. It is an institution which during the years has been available, from a lending and savings point of view, to many thousands of people who have not had access to the main high street banks to the extent they might have. I know the Minister of State is very conscious of the issues I have raised and hope some of the concerns of the Irish League of Credit Unions can be addressed through this process and that it may be in a position to formally engage in this process shortly, if these concerns can be addressed.

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