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

I do not disagree with the Deputy's policy position in principle, but there is a risk and it must be ensured that it does not affect deposits. Over the past number of years, we can count on the fingers of both hands the number of credit unions that went under. Supposing that the credit union movement was mortgage lending from, say, 2008 on, how would it be fixed now given all the impaired loans that have occurred? How would depositors' savings be secure if there was a high level of impaired loans in the credit unions that was analogous to that in building societies and banks? It is not simple, but as a matter of principle I want the implementation group to advise on it and to see if we can move to a situation where our credit unions are involved in a wider profitable portfolio of activities which would include, if possible, longer term lending such as mortgages.

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