Mick Wallace (Wexford, Independent) | Oireachtas source

Unlike Deputy Finian McGrath, I cannot claim to have set up a credit union but my father did, in the Wellingtonbridge area of County Wexford many years ago. Most of us agree that credit unions have been of great service to many people. I do not think anyone could disagree. They are definitely worth preserving and need greater freedom to operate. Restrictions are placed on them and it is unlikely we will see a neoliberal Government like the current one or the last one give them a real chance to compete with the large banks. I believe there is a bias there. The banks are wary of the credit unions because they could replace a lot of profitable work for the banks.

Post offices provided a wonderful service and it is to the detriment of society that we have allowed so many of them to close. I fear that we might ever allow credit unions to fall in any way short of strong Government support. There is a real co-operative nature to credit unions: a huge volunteer element is involved with them. They tick all the boxes for an organisation that brings positivity to society. The more underprivileged areas are more dependent on credit unions and post offices than are the built-up areas.

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