Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The credit union movement is terrific and we support it absolutely and fully. Credit unions did not escape free from the financial crisis. Significant damage was done to the movement, as it was to the banks. Legislation was passed and organisations such as ReBo were established to protect credit unions. The primary purpose of everything we did with regard to credit unions was, in the first instance, to protect the savings of depositors because we did not want to see any risk to savings. That has been done. I refer to a number of high profile examples of credit unions in trouble, but, by and large, depositors have been protected almost totally. This must continue to be case. The protection of depositors has been the primary purpose of many of the interventions we have made.

I agree with the Deputy that there are many credit unions in the country, some of which are too small. The way to reorganise them is to merge them with neighbouring credit unions in order that groups will form a bigger and more financially solid entity. That process is proceeding by way of discussion and agreement, rather than with a heavy hand.

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