Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

I am a firm believer in the regulation of financial services in an appropriate manner but there is a balance to be struck between our role as legislators, setting the laws and the boundaries for the regulator and as representatives of the industry and consumers. I believe, from the representations I have received from credit unions, that they are capable and ready, with some preparation, to move to a position where they can offer their members debit card services and that we, as Deputies, should support that.

The programme for Government specifically commits to credit unions moving towards electronic and online services, including the roll out of debit cards and enhanced online banking services. We know that 170 credit unions are already processing Single Euro Payments Area, SEPA, payments on behalf of their members. There is now a demand from members for debit card services. Credit unions need to continue to move with the times.

The crux of the issue is that the Central Bank has taken a negative view and despite two years of engagement with the credit unions, is blocking them from providing this service. What can we do, collectively, to bring this about and to fulfil the commitments in the programme for Government?

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