Michael Fitzmaurice (Roscommon-South Leitrim, Independent) | Oireachtas source

Credit unions around this country are a shining light in the financial sector. Some 3 million people are members of credit unions which have €16 billion in assets. At the moment, they are willing to invest €9 billion if the Government is willing to listen to them. The banks have left most of the smaller towns around the country. They are either going to county towns or larger cities. Meanwhile, small businesses and working people are moving towards the credit union as their new bank because it is local.

As the Minister for Finance is sitting beside the Tánaiste, I wish to refer to regulation CP88. People involved in credit unions are afraid that if this regulation is signed into effect it will be the death knell for credit unions. The credit unions, that did not need to be bailed out to the tune of €65 billion and are not talked about in here every day like NAMA, seem currently to be getting a slap on the hand for being the best student in the class.

According to those running the credit unions, regulation CP88 is restricting the amount of money that people can have in them. Small and medium enterprises, as well as individuals, wish to become involved in credit unions rather than banks, but they are being restricted. Services such as debit cards and direct debits should be facilitated by the credit union sector due to the lack of banks in some areas.

I am asking the Taoiseach, the Tánaiste and the two other Ministers - the club of four who are allegedly running this country - to have a complete review of regulation CP88. They should work with the credit unions to ensure that this facility is given to people across the country. Credit unions deserve to have such a review undertaken.

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