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

There is no problem with the legislation or with the regulatory authorities in the Central Bank. The Regulator of Credit Unions has provided information to the effect that six credit unions have already been approved for debit cards. Furthermore, 65 others are deemed by the Central Bank, on an overview, to have a sufficient asset base to apply in the next few months to provide debit card facilities. Provision will be made for the smaller credit unions in time.

The Regulator has to be prudent at the end of the day. The primary concern must be to protect the deposits of credit union members. There have been a number of unfortunate events, most recently in north Dublin, relating to credit unions over the years with which Deputy Doherty will be very familiar.

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