Dan Neville (Limerick, Fine Gael) | Oireachtas source

I welcome the opportunity to contribute to the debate and recognise the role the credit union movement has played.

Down the decades, credit unions have ensured people with no access to the major banks are facilitated to borrow. It is a social movement rather than a banking one in that it responds to a social need and has played an important role in this respect.

There are two sides to this discussion. Those on both sides are genuine in their concerns. I have discussed the situation with trade unions in Limerick, but I also understand the concern the Minister expressed. It is important that there be a meeting of minds on the development of the movement. The trade unions in Limerick told me that credit unions needed to grow their loan books and lend short-term, small, personal loans as well as large, long-term, commercial and home loans.

The credit union movement has changed since it started and forms part of a volunteerism that has contributed immensely to life in the decades since Count Plunkett established the co-operative movement almost two centuries ago. We must ensure the credit union movement's development is not inhibited in any way. The Government does not want to inhibit it, but there must be protection and I hope that discussions are being held. It is important that there be a meeting of minds on the outcome and that both sides be flexible. I urge the Minister to be flexible in the discussions. I am confident that will be the case, leading to a win-win situation. The Minister's credit union advisory committee has had comprehensive discussions with the trade unions. I hope the contribution they can bring to the debate will facilitate an improvement in the movement's future without inhibiting it in any way and will allow it to respond to the needs of and make a better contribution to a society that, like all societies, changes over time.

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