Patrick Nulty (Dublin West, Independent) | Oireachtas source

I thank the Minister for his reply. I would welcome if he could elaborate on his statement that the Central Bank is working with approximately 100 credit unions in regard to their financial balance sheets and the degree to which they are operating within best practice. What is the level of engagement by the Central Bank with the credit unions concerned?

I welcome that the Minister has reiterated the commitment in terms of the guarantee of deposits. Perhaps he will confirm that the Permanent TSB takeover situation is unique and will not set a precedent. Can the Minister and Government guarantee that financial institutions will not take over or seize credit unions from members? The Minister will be aware that the credit union movement is different from the banks. It is not driven by the massive profit motive by which banks are driven. We all know that the banking sector has no interest in the future of this country. The banks do not care about this island. As I said, credit unions are the bulwark against the loan sharks and crooks that seek to exploit inequalities in our communities.

Can the Minister assure us today that the Permanent TSB takeover will be the only one of its kind or are there more in the pipeline?

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