Willie Penrose (Longford-Westmeath, Labour) | Oireachtas source

It is not the case that a public banking system would be not-for-profit or be restricted to lending to the regional economy for its business. Post offices and credit unions could earn additional income from the sale of public banking services across the counter via their branches. Is it not the case that the public banking system would be a more suitable place for the credit union movement to invest the €9 billion which it has identified it wishes to lend to SMEs and, through another medium, provide them with much needed administrative support to meet the ever-burdensome Central Bank regulation system?

My colleague, Deputy Burton, referred to the Department of Finance being cold to the credit union movement. The attitude of the Department is below freezing when it comes to anything to do with the public banking system model. It has no interest in it. It is the best I have ever seen at putting on a facade. One would need a rock shifter to get the Department to adopt this system. If this can be done in Germany, it can be done in Ireland. It needs to be done in Ireland.

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