Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

It is a topsy-turvy, upside down world in many ways. Nowhere is that more the case than in our attitude to banking. The commercial, for-profit banking sector dragged the country, Europe and much of the global economy to its knees because of its ruthless pursuit of profit. We bailed the banks out to the tune of the best part of €100 billion. Despite that, we continue to give them vetoes and to operate a so-called arm's length principle; even when we own the banks, we do not interfere in any way with what they do. They are doing things that are obviously detrimental when they refuse loans to people to whom they should have given them, and lend to others who should not be given loans. Meanwhile, the credit union sector had no hand or part in the financial crash, is not for profit, and has a democratic structure and a mandate which concerns the interests of the community and society.

They are asking to contribute in a positive way to the economy, the community and our society, yet they have restrictions imposed on them. What sort of set of priorities is that? Have we learned nothing from the financial crash? Have we not learned that we need a completely different banking and credit model? In so far as any model of what that might look like exists, it is the credit unions. We should be bending over backwards to consult with them.

When the credit union Bill was coming through, the credit unions were virtually pleading with the Minister and saying that they had money they would like to invest in social housing. Did the Minister ever go to meet them and discuss that? We have a massive social housing crisis and the credit unions are saying they want to put money into social housing, yet the Government can say it has no money for social housing.

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