Seán Ó Fearghaíl (Kildare South, Fianna Fail) | Oireachtas source

I thank the Tánaiste, as his response was in large measure positive. I take from his comments that the approach of the Government and the Central Bank will be to ensure that there will be credit unions in communities if changes have to be made on foot of resolution processes. I also thank the Tánaiste for indicating clearly that the Government and, I take it, the Central Bank will support the establishment of a new, fully compliant credit union in Newbridge. However, will he assure us that the procedures employed in Newbridge, which have been ongoing for 22 months at a cost of upwards of €3 million, resulting in there being no credit union to service the people of Newbridge, will be examined?

What is the position as regards the directors of the Newbridge Credit Union, who were subject to a gagging order, resulting in their being pilloried in the local and national press? They were accused of many things. They can now defend themselves and attempt to vindicate their good names.

What is the position on the building in Newbridge? Many people involved in the credit union movement across the country will wonder what will happen to their buildings if they become subject to the resolution process. The assets and liabilities of Newbridge Credit Union have been transferred to Permanent TSB. So be it, but what is the position on the building, which was built by, paid for and owned by the people of Newbridge?

See this speech in context