Paul Connaughton (Galway East, Fine Gael) | Oireachtas source

I understand it is at an early stage in the process and a number of credit unions in County Galway have approached me. There is an issue with rural post offices and both bodies are looking to amalgamate and to provide different services to people in areas where the main banks have gone. Even though the discussion on setting this up is in its infancy, what does the Department of Finance or the Central Bank have to do to make such a proposal workable? Must something be changed within the Department of Finance, given that credit unions can only lend to members? Will legislation be required to allow them to go outside of that and to bring in more people? Without attracting new customers, the credit union cannot survive. The main banks have left many of these rural communities. What needs to happen to increase the chances of it happening in the near future?

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