Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

The industry has a different view of the position of the Central Bank and the Regulator on this issue. Credit unions have been frustrated over the last number of years. Indeed, the Central Bank stepped in and stopped a particular credit union from providing debit card services to its members.

We can move forward in a number of different ways. First, we can continue with the back and forth between the credit unions and the Regulator on the issue of debit cards but to date, that has not delivered the type of result that was expected. Second, we can look for a political understanding that all sides wish to prioritise this issue, get down to brass tacks and put in place a forum at which both sides could put their case - accepting that the Regulator has a duty to safeguard the sector - and reach an agreement. Third, we can revisit the legislation. There is scope to revisit the legislation to determine whether the right of credit unions to service their members with debit cards should be an exempted provision, as other services are.

See this speech in context