Martin Browne (Tipperary, Sinn Fein) | Oireachtas source

I also commend Deputy Harkin on bringing this legislation to the House. In my constituency of Tipperary, there is great faith in our credit union system. That feeling is replicated in communities throughout the country. The regard with which our credit unions are held is quite distinct from that of banks. That is not just pure luck; it is because credit unions put people before profit. They are involved in communities in which the branches operate.

Credit unions do not answer to faceless shareholders. They answer to their members in the communities that have made them what they are. Credit unions also look to the needs of people when other financial institutions just consider the probability of having a customer. If somebody needs an emergency loan, the credit union is there for them. If somebody wants help with financing the refitting of their homes, most of the time, they go to the credit unions. It is not just households that do this. Small SMEs take up those kinds of loans as well and they have benefited from credit unions, as have our communities.

With an asset base of €19 billion, there is immense potential to enhance our communities and help them to prosper. This ranges from the potential of having a positive effect on the provision of social housing to arranging a way to empower localities.

One fundamental difference between our credit unions and the banks is the banks used the Covid-19 crisis as an excuse to close branches across the country. In Tipperary itself, Cashel, Cahir, and Templemore were the latest to see their branches of Bank of Ireland close to the detriment of their customers. We did not see the credit unions taking that cynical approach. Instead, they lived up to their community-centred spirit and remained accessible to the public.

Among the measures included in this Bill are provisions to allow the credit unions to provide a greater range of financial services in a more streamlined way. I look forward to seeing this being analysed further, as the Bill goes through the Houses. I will support this Bill and look forward to further examining its elements as it progresses.

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