Robert Troy (Longford-Westmeath, Fianna Fail) | Oireachtas source

I welcome the opportunity to speak to this vital motion in support of what is a critical sector in our community. In watching the debate, I have been struck by the number of people from across parties who have come out and spoken so strongly in favour of this motion. The Opposition regularly gets criticised for bringing forward motions but everyone has been complimenting and has been supportive of this motion. In that context, I hope the Government will take on board not only what Opposition Deputies have said but also what Government backbenchers have said. One of our own backbenchers from my constituency who did not speak on the motion waged war in the local newspaper some months ago. He said he was going to go to war with the Minister for Finance because of these draconian regulations due to be signed at the end of this year. I do not know about winning the war or the battle, but I hope the Deputy does so and I hope the Minister will press the pause button. I hope the Minister will consider the serious concerns held by the 3 million members of credit unions, the 4,000 people employed in this area and the 10,000 volunteers working with the credit unions.

Another thing struck me about the debate. The former Minister, Deputy Rabbitte, spoke about greater synergies with the An Post network. That Deputy had three years sitting at the Cabinet table to bring in greater synergies and to work to support credit unions, but he did not do it. Talk is cheap, but we do not want cheap talk from any Government back bench Deputies. We want to see action. We want to see addressed what the Minister of State, Deputy Harris, referred to as the perceived impacts. This is not perception. It is a hard fact. The reality that if the provisions are commenced at the end of the year, there will be a cap of €100,000 on the savings an individual member can lodge with credit unions. What signals does that send in terms of the feasibility and security of savings in credit unions? It sends out a negative signal. It is giving banks an unfair advantage. The new lending restrictions give the banks an unfair advantage over the credit unions. The overwhelming majority of credit unions are financially sound, compliant and ready to provide more services. It is acceptable that the measures being debated in the House were conceived at a time when the Minister for Finance, Deputy Noonan, thought it would take €1 billion to support or prop up this vital sector. It did not take a fraction of that cost. We need to get real and deal with the realities in front of us today. The credit unions provide an invaluable service in our communities. They support people where banks will not. They operate in communities where there are no other financial services or institutions. Credit unions are keen to grow, expand and provide greater services. It is regrettable that many of the proposals they have brought before the Minister and Department in recent years have not received the necessary approval to enable them to grow and provide greater services to their communities.

All we are asking is for the Minister to press the pause button, stop, reflect, negotiate and engage with the people in this sector. We can look forward then to how we can support and grow this critical sector. That is the view across all political parties. That is all we want. I call on the Minister to press the pause button and go back to the drawing board.

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