Joan Collins (Dublin South Central, Independent) | Oireachtas source

I do not have one and it is very hard to pick up all of the detail. One of the key points is that section 32D of the Central Bank Act 1942, as amended, provides that the Central Bank of Ireland may, with the approval of the Minister for Finance, make regulations prescribing an annual industry funding levy to be paid. The Minister did not have to give his approval, which is why the Irish League of Credit Unions is asking, in strong terms, for the reversal of a wrong and damaging policy. Credit unions are not banks. I know that the Government has tried to put them in that category, but they did not cause the crash. It was caused by for-profit banks. Credit unions should not be treated in this way with an industry funding levy. It is outrageous and I hope there will be more of a backlash against the Government about it from other Deputies and parties. I hope they will take this head on with the Government and the Minister for Finance. It should not be happening.

The Minister of State has indicated that the legislation means that the Minister does not have to consult the Credit Union Advisory Committee on the matter. The Minister of State is probably a member of a credit union like me and we know what they were set up to do. We know that they are not-for-profit and do not pay their chief executives €140,000 or €150,000. They certainly will not see any change from the Minister's support of a review of the cap on banker pay. The credit unions will certainly not benefit from it. That is not the nature of the movement. Will the Minister of State take this point back to the Minister and ask him to reconsider what he has done with the industry funding levy on credit unions? It is outrageous and should not happen.

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