Patricia Ryan (Kildare South, Sinn Fein) | Oireachtas source

I too want to thank Deputy Harkin. As a long-time member of a credit union and an advocate for credit unions, I am pleased to have the opportunity to speak on this Bill. Credit unions are a model of community banking that we need to support in every way we can. The commercial banks are turning their backs on rural Ireland. We must equip credit unions to bridge that gap. The Credit Union Act 1997 limits the role of credit unions to accepting savings and providing loans. They may seek approval from the Central Bank of Ireland to provide limited additional services. The list is outdated. It needs to be expanded, so that credit unions can continue to grow for the good of local economies and its members.

This Bill will allow credit unions to provide a greater range of financial services to its members, including current accounts. This would be a great shot in the arm for towns such as Monasterevin and Kilcullen, both of which recently lost their Bank of Ireland branches. Although that is for another day, it is an absolute disgrace. This Bill will also provide for the establishment of credit union policy committee. The purpose of the committee would be to examine the impact of Central Bank of Ireland policy on credit unions and provide feedback to the Central Bank. This is a vital reform if we are to strengthen our credit unions. Credit unions exist for the benefit of their members and should be given a role in addressing our climate change crisis. They should be used as a vehicle for low-cost loans to help families to install renewable energy solutions, which will save them money in the long run as well as helping us to deliver on our climate commitments.

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