Willie Penrose (Longford-Westmeath, Labour) | Oireachtas source

-----that have closed up and that have left the same community to fend for itself. The very banks that put us down the tubes are now getting money from the credit unions. One could not make it up. The consequence of the current regulations around credit union investment is that the vast majority of credit union funds are currently held in bank deposits, earning even lower returns.

Minor changes to these regulations would free up credit unions to invest in more socially productive initiatives, such as social housing, but also have a positive return on investments. The Minister for Finance has repeatedly said that his role "is to ensure the legal framework for credit unions is appropriate for the effective operation and supervision of credit unions". The bottom line is that the regulatory framework for credit unions is not effective and is effectively being operated for the benefit of banks. Critically, the International Credit Union Regulators' Network, ICURN, credit union peer review report on the Central Bank's performance of its regulatory functions in relation to credit unions, published on 9 September, stated, "We also suggest that consideration be given by the relevant authority to directing a closely defined, limited review to evaluate the implementation of the original recommendation of the [Commission on Credit Unions] and to propose any revisions or measures thought necessary in the light of that experience". Surely that is the Minister's way out.

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