John O'Mahony (Mayo, Fine Gael) | Oireachtas source

I welcome the opportunity to speak on the motion. I acknowledge the important role credit unions have played in rural and urban communities the length and breadth of the land. I have seen first-hand the benefits of my local credit union to the community. Credit unions were set up many years ago to ensure that people who needed to borrow or save money could do so and to keep money circulating within communities.

The financial services they provide involve a bottom-up approach. They have a personal touch that has been missing in the banks in recent years. They have convenient opening hours and open at weekends and so on, which suits local communities. They have a volunteer ethos and provide 4,000 jobs and sponsorships and educate young people in financial affairs in schools at an early age. There are many benefits. They have been of great assistance in providing small loans and kept thousands of families throughout the country out of the hands of sharks and moneylenders.

I do not want to get into political point-scoring because it does not do anyone any good. There are two extremes in terms of the motion and the counter-motion. On the one hand there is a proposal to get rid of all regulation and on the other there is a proposal to make the rules so stringent they cannot operate. There is a middle ground and there should be a meeting of minds. I studied the League of Credit Unions submission on the transposition of the deposit guarantee directive and the fact that member states have some discretion. All of the different factors should be considered. Consultation is taking place and Ministers are receiving advice.

I read a contribution to the debate yesterday which welcomed approaches and positive suggestions. Rather than Members shouting at each across the floor, it should be possible to come to a consensus on this. I note that in the initial discussions on the other great financial institutions in our villages and town, that is, post offices, some efforts are being made to bring them together or share services, which I welcome. I look forward to a positive outcome and for credit unions to continue to provide a great service the length and breadth of the country.

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