Mattie McGrath (Tipperary, Independent) | Oireachtas source

The €2.5 billion represents 91% of the arrears balances outstanding. Non-bank entities now hold 61,446 mortgage accounts for principal dwelling houses and buy-to-lets combined. Of this number, 47,820 relate to principal dwelling house mortgage accounts.

These numbers provide us with important context for the argument to extend the ability of credit unions to provide residential mortgages. It is a very important context as these institutions are sure-footed. If we need to develop new methods of regulation specifically for credit unions, let us do that, but let us not have the Central Bank putting its claws into these people and keeping them down. They are of the people and for the people. Ní neart go chur le chéile. We should treat them the same way we treat the banks if there are similarities in terms of loans, etc. There is no one-size-fits-all regulation, so they need specific legislation. The credit union movement must be supported in playing the part it wants to play and has played since its inception. There has been a major voluntary effort in it.

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