Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I agree wholeheartedly with the Deputy's comments on the strength of the credit union movement in the State. They are definitely held in very high esteem. She referred to levies earlier. Last year the Minister signed an order that dramatically reduced the levies payable by credit unions from this year onwards. It was one of the biggest single reductions they have ever achieved. We have assisted the credit union sector with legislation to allow them to hold their AGMs virtually, which had not been provided for in legislation up to now. Practically every credit union in the State has now held its AGM in a virtual manner, which had never happened previously.

Following the closure of Bank of Ireland branches and Ulster Bank, the only financial institution left standing in many towns throughout the State will be the credit union. There is a tremendous opportunity for them to increase their volume of business in the local communities now that other banks are closing their branches. There is also a tremendous opportunity for them to meet with business people, especially from the SME and retail sector, to provide loans, which they need to do to earn interest and to continue to grow and prosper.

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