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

The information passed on to Deputies on credit unions usually comes from the managements or board members of credit unions that have a particular perspective. However, there is another perspective, from the point of view of the regulator whose primary purpose is to protect depositors. I suggest the Deputy invite the section of the Central Bank dealing with credit unions and the regulator of the credit unions to come before the finance committee to hear the regulator's view. There is no gainsaying it, but there are limits on lending and the regulator will explain the reasons. The regulator has to adopt a prudential approach. There is frequently a difference of opinion between the managements of credit unions and the regulator, but that is the normal tension in the business.

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