John McGuinness (Carlow-Kilkenny, Fianna Fail) | Oireachtas source

My question relates to a number of points raised by Deputy Tom Fleming about legislation already passed by this House regarding mortgages and the provision of funding from the banks to the SME sector. Will the Taoiseach consider reviewing legislation and regulations to allow credit unions to enter the market? They have almost €7 billion which they could make available for mortgages and the SME sector. Is that not a less bureaucratic way of getting money directly to the small businesses that need it, including some of those in the retail sector which the Taoiseach mentioned earlier?

Will the Government look at the regulations of the Central Bank and the legislation governing this area to determine if it is possible to reduce the level of bureaucracy applied to small loans?

Officials in the Department of Finance met a group promoting the establishment of a public banking system similar to the model in Germany. The people who operate that banking system in Germany have been to Ireland promoting the idea and have met Department officials. Will the Taoiseach allow this matter to be debated? This system supports the SME sector very successfully and was not affected by the banking collapse. Will the Government allow this type of system to be introduced and bring forward legislation to allow it to happen?

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