Niall Collins (Limerick, Fianna Fail) | Oireachtas source

People throughout Ireland are asking why the Government is continuing to attack communities. This latest approach by the Government is impacting so heavily on the credit union movement that this is the second occasion in six months we have had to debate the issue. We have had issues with regard to libraries, courthouses, schools, post offices, Garda stations and even public health centres. There is a credit union in every community and the difference between the credit unions and the banks is the credit unions know their members and their business. The figures justify and support that and when they have stated they can deliver, they have delivered. Previous statements that it was going to cost €1 billion to bail them out of a black hole were found to be false and not the case.

In the very short period of time I have available in this debate, I want to raise an issue which I also raised in the previous debate on credit unions. A number of credit unions in my constituency in Limerick invested in products in the former Anglo Irish Bank, which became IBRC. Those investment products are being burned as part of the special liquidation of IBRC but the legislation allows the Minister to instruct the special liquidator to honour some payments. I ask again that my local credit union, Mungret, Patrickswell, Clarina and Crecora, MPCC, credit union is considered by the Minister in the context of instructing the special liquidator to honour the investments made in the former IBRC. Are we presiding over a case where the only bondholder being burned by the Government is the credit union movement? Will the Minister of State bring this to the attention of the Minister? I ask the Government to desist with regard to CP88. There is no point in the Minister of State and all of his colleagues coming into the House this evening crying crocodile tears and stating they support the credit union movement but voting down the motion. It will make people even more cynical about politics.

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