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

There was a guidance note with CP88 which stated that credit unions would not be allowed to pool resources. They have €9 billion, be it for investment social housing to help our country and its people or something else, and they are willing to talk to Government about releasing that money and getting interest on it to remain viable.

Clearing houses are robbing credit unions. AIB is owned by us. If credit unions want to use the clearing houses, the prices they are being quoted are astronomical. I have talked to representatives from the credit unions in Boyle, Roscommon, Ballinasloe and Tuam and I have looked at Glenamaddy. A total of €2 million has been put into a small community and this has created jobs. It is fine talking about it here and saying we all support them. Yes, everyone supports them but one must create an environment where direct debits can be facilitated, where one can have a debit card and where one can have more banking services. If we want to have a vision for areas outside the Pale - a vision for reviving rural parts of Ireland - the credit unions and the post offices will be the new banking sector there for the simple reason that once the banks got the €65 billion, they absconded from smaller towns. I emphasise that we need those facilities and I ask the Minister for Finance to consider that and drive it forward for whatever period the Government remains in office because it is crucial for the revival of rural areas. It is also crucial that credit unions are not left to stagnate because this is what will happen. At present, it appears that other than what they lend out, the remainder of their €16 billion in assets is left as liquidity at the rotten price the banks give in interest. I ask the Tánaiste to give an undertaking to the effect that she will ensure this facility is given to the credit unions, not for their sake but for that of the people throughout this country who will be deprived of a banking sector if it is not given to them.

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