Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Many credit unions are feeling the heavy hand of regulation, particularly when it comes to lending. Lending is their core business and many credit unions have onerous lending restrictions. ReBo needs to incentivise credit unions to merge where that is the appropriate solution. We need weaker credit unions to join stronger credit unions and the regulator must allow that process to take place. In the case of Berehaven, the decision was taken to liquidate the credit union.

Bantry Credit Union has subsequently taken over the business in order that services can continue. However, other credit unions are in need of capital. Will the Minister advise the House of the €250 million fund to which ReBo has access for the restructuring of credit unions, the number of cases which have received funding and how much of the fund has been drawn down for the benefit of the credit union sector?

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