Patrick Nulty (Dublin West, Independent) | Oireachtas source

I thank the Minister for Finance for attending the House to address this important issue. I wish other Ministers would follow his example. The Newbridge Credit Union situation has prompted a major debate about the future of credit unions and the financial sector generally. It must be acknowledged that the credit union movement has played a crucial role in communities. The Minister should make a clear statement about the future of credit unions and the Government's confidence in and commitment to that movement. He should reassure ordinary families with credit union deposits and loans that they are safe and secure.

According to press reports, one in five credit unions are in shallow financial waters. A few days ago, the Irish Independent reporter, Charlie Weston, said the same thing. The Minister has his finger on the pulse but he needs to make a clear statement about what is happening with credit unions.

The situation in Newbridge Credit Union is unique, given that it was based in a building that was once valued at €3 million. That will come as a shock to many credit union members. Is this the thin end of the wedge? Is it an outlier or is it indicative of a liquidity problem concerning the balance between credit union loans and deposits? What is the future for the credit union movement in Ireland?

Can the Minister outline the Government's vision for the credit union movement? Can he spell out a policy for dealing with credit unions that encounter difficulties? Is Newbridge the only credit union in difficulty? Will there be more and, if so, when will information be available to the public? Does the Minister see credit unions as an integral part of the Irish financial sector?

The Minister's constituency is similar to mine and he knows that the credit union movement is the wall between families who need credit and moneylenders who seek to exploit the injustices and inequalities in our society. The credit union movement is crucial in that respect.

Can the Minister ensure credit unions will be independent and not merely subject to takeover by banks? Is the Permanent TSB situation unique and not to be repeated?

See this speech in context