Chris Andrews (Dublin Bay South, Sinn Fein) | Oireachtas source

I commend Deputy Harkin on her work in introducing this Bill on credit unions. I also commend the members of credit unions on the work they have done in the community over the past 60 years. They have witnessed high levels of unemployment, emigration and a city in which poor housing is rampant but they have kept communities together. As the Minister of State with responsibility for credit unions, he has done a great job listening to credit union representatives, but the time for listening is over.

The time for kicking the can down the road is over and we need action. There are clear commitments in the programme for Government to support the credit unions. The Minister of State has been in government for 16 months now. We are still waiting for action. If he does not want Deputy Harkin’s Bill, then where is the Government’s Bill?

Credit unions are delivering an important service to the local community in Ringsend, Crumlin, and Pearse Street. However, by 2030, some of the smaller credit unions will be gone, unless they get support from Government. If they go, this will have a significant impact on many people. Our banking system is effectively down to two and a half banks, which is the same number we had 20 years ago. The banks’ working model is to close branches. Post offices are closing. Donnybrook, for instance, has no post office. There is a need for credit unions, now more than ever. Many people to whom I speak, many of whom are on decent incomes, cannot get bank loans because they are financially powerless. Credit unions support this profile of person. The Central Bank of Ireland is doing what it is required to do by legislation. The Central Bank is not the stumbling block; the legislation is. We have to change the legislation.

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