Gerald Nash (Louth, Labour) | Oireachtas source

I am pleased that some progress appears to have been made or is about to be made with the credit union movement. There is considerable potential that could be unleashed especially at this anxious moment in our economic history. Given the social importance of the credit union movement it is important that credit unions would have the opportunity to invest in social and affordable housing initiatives. The idea complies with their social and community ethos. We should remember that a considerable number of those saving with the credit union movement include those on local authority social housing waiting lists and those who will look to organisations like the credit union to support them as they move potentially to purchase a home.

Has the Minister considered, or will he consider, a new credit union Act to allow the credit union movement to engage in providing additional financial products to a broad market? Apart from the benefit of the community and social ethos of the credit union movement, we need more competitiveness in our banking system to provide value for the consumer.

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