Micheál Martin (Cork South Central, Fianna Fail) | Oireachtas source

Many years ago, a former Minister, Michael Woods, engaged with an iconic member of the credit union movement, Brendan Roche of the Lough Credit Union in Cork. Out of this evolved the Money Advice & Budgeting Service, MABS. Essentially, that credit union, with the then Department of Social Welfare, put together a financial proposal and vehicle to allow people in difficult financial circumstances to emerge from those circumstances and not be dependent on moneylenders. The Society of St. Vincent de Paul is this Christmas again commenting on the role and impact of moneylenders, whose charges are exorbitant. It seems that the Government is being lethargic in its broader initiatives on social protection and working with the credit union movement proactively to ensure credit unions have far greater coverage than they currently have and to allow people to circumvent moneylenders as a means of credit, particularly during the Christmas period. There are many areas across our cities where families will be under enormous pressure, will borrow a lot before Christmas and, come February, will face huge difficulties. I pick this up all over, and something needs to be done proactively with the credit union movement to replace these exorbitant rates charged by moneylenders.

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