Finian McGrath (Dublin North Central, Independent) | Oireachtas source

I am grateful for the opportunity to speak on this very important debate on the role of credit unions in Irish society. I welcome this discussion and I urge the Government to listen to all sensible proposals put forward tonight and last night. As someone who was brought up in the credit union movement and is steeped in it, I was a founding member of the INTO credit union many years ago and I strongly support the 2.89 million members in the 342 credit unions affiliated to the Irish League of Credit Unions. Only last night, I met the board of our local credit union, the Marino credit union, and saw at first hand the amazing voluntary work of its members and the amount of time and support they give to the local community. I thank them and commend them for their magnificent work. They also asked me to raise a number of key points in the Dáil tonight. First, the Minister needs to support the six strategic steps policy document. Second, they are concerned at the implications of the signing of CP88 on the credit union movement and they want it deferred. Third, they want the over-regulation and bureaucracy, which are costing small branches money, to be dealt with and they are frustrated about what they cannot do. They have also put forward amazing, ground-breaking ideas to deal with social housing. They are prepared to make some €8 billion available for social housing projects and investments. They also want to deal with the microcredit issue, lending small amounts to the most vulnerable of money lenders. Finally, they are prepared to lend to small and microbusiness.

It is important the Minister and the Government listen to these sensible proposals put forward by members and supporters of the great credit union movement.

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