Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

The credit unions themselves are also committed to protecting members' savings and they do so. They take umbrage at continuous references to that priority by the registrar as though it was the sole preserve of the registrar. The key issue is business model development and the CUAC report recommended that credit unions prioritise business model development and consider investing significantly in the development of their business models, either individually or collectively. They say they are doing that but are being frustrated by the Central Bank. They say that when they make proposals for new services it takes forever to get a decision or they are rejected. In the confidence and supply agreement which my party entered into with Fine Gael there is a commitment to develop a strategy for the growth and development of the credit union sector. I do not see anything yet that complies with that and I do not believe the implementation of the CUAC report meets that objective. The Minister should at least request the implementation group to focus specifically on business model development for the credit union sector. The overall trends are not positive and I am sure the Minister does not want to be the Minister who presided over the decline of a great national movement.

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