Dan Neville (Limerick, Fine Gael) | Oireachtas source

I welcome the opportunity to discuss this motion on credit unions. We all know how well the credit unions work and serve our communities. I must declare I am a member of the Cois Sionna credit union in Limerick. Credit unions play an important role in ensuring people who are not attracted to the banks, or to whom the banks may not be attracted, get an opportunity to better their lives and their conditions. As Deputy Rabbitte said, the credit unions give them an opportunity to obtain credit when otherwise they would not. They are an integral part of communities across the country. We have seen the growth of the credit union movement since the 1950s and its contribution to society.

It is important credit union savers' money is safe and secure. For that reason, there must be some level of regulation. It cannot interfere, however, with the ethos of the credit union movement which is voluntary. Many credit unions have become large with significant financial assets. There has to be a level of regulation for that. The Government recognises the importance of the credit union movement and set aside €500 million to support credit unions in difficulties. Up to €250 million was made available to the Credit Union Restructuring Board. Of this, only €20 million has so far been taken up. We must look at how we can use the balance to develop the credit union movement. This investment would be of no extra cost because the full cost of restructuring has not been taken up.

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