Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

I would like to see a wider role for the credit union movement and there is certainly some potential for it to take a greater role in the housing area. While credit unions have significant funds on hand, we should remember that these funds are their members' savings. The regulator in the Central Bank would be averse to the credit union movement putting these savings at risk and would clearly assess any proposal from credit unions to fund housing against the potential risk to savings. This does not mean the proposal would have to be ruled out. Other lenders can manage risk and credit unions would have to do likewise.

I am actively encouraging the proposal and my officials have held meetings with representatives of the credit union movement and Central Bank of Ireland. The onus is now on the two credit union representative organisations to produce proposals. These will then be assessed and my Department will co-operate with them in every way. However, the final call will be made by the Central Bank because the supervisor of credit unions is located in the Central Bank.

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