Denis Naughten (Roscommon-Galway, Independent) | Oireachtas source

I thank the Minister for his response on the two issues, especially the Bord na Móna issue. I will give him a copy of a letter I gave to the Taoiseach on 28 April specifically on this issue. I have been promised by the Taoiseach on a number of occasions since that I will get a response but I have not received one. This matter is causing huge frustration and there is no justification for public moneys, which are now being borrowed, to be used to subsidise and pay wages of staff who have been waiting for months for a decision on their voluntary redundancy applications.

I now turn to the national economic recovery and the huge opportunity we have to involve Ireland's 241 credit unions, with assets of more than €18 billion, in assisting with cashflow and credit facilities for small and medium sized businesses, the main employers in this country, particularly outside the cities. Fundamental to this is the need for statutory recognition by the Central Bank that credit unions are not-for-profit, community-based and volunteer-led organisations. The Central Bank seems to have forgotten that in many parts of rural Ireland the credit union is the only open and accessible financial service in the community. Credit unions are not the same as banks and they should not be treated the same by the regulator. They are being discriminated against. The Irish League of Credit Unions has sought the type of assistance and flexibility being provided to the mainstream banks by the Central Bank to help the credit unions through the Covid-19 crisis, but to date no flexibility has been shown to them. I put it to the Minister that many of the customers who use credit unions are not wanted by the big banks. If these families cannot get access to loans in times of financial pressure, they are forced into the hands of loan sharks. That is in nobody’s interest. Will the Minister direct the Central Bank to deal equitably with the credit unions? Will he commit to amending the primary legislation in this area to clearly reflect the unique community nature of our credit union movement?

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