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

I thank the Minister for his positive reply in respect of the role the credit union movement can play but I wish to bring him back to the question I asked about amending the primary legislation in this area. The reason I bring that to the floor of the House is that I believe there is a fundamental problem with the culture within the Central Bank of Ireland. When it comes to any type of draconian measure, clearly the credit union movement is considered the same as big financial institutions in this country. However, when it comes to giving a break to the financial institutions in this country, credit unions are treated very differently, as we are now seeing in practise in terms of Covid-19. There is blatant discrimination on both sides in respect of the credit union movement.

The Central Bank needs to make up its mind. The credit union movement needs to be treated uniquely, and the only way that can happen is if that is clearly reflected in primary legislation so that a different, balanced approach is taken to its regulation.

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