Sorca Clarke (Longford-Westmeath, Sinn Fein) | Oireachtas source

I too commend Deputy Harkin for her time and effort and bringing this before the House. Credit unions have for generations been a valuable asset to the constituency that I represent of Longford-Westmeath. That relationship has been built up over time, over trust, between businesses, families and community groups. That is reflected in the high regard in which credit unions are held. A core part of that relationship and the high value is simply the way the credit unions go about doing their work. In my constituency, where we are seeing consistent branch closures, that is going to become increasingly important.

To ensure that continues, regulation of credit unions by the Central Bank must be carried out in a way that is appropriate and protects that community-based ethos.

While I acknowledge the ongoing policy review being carried out by the Department, we need action and not words at this point. Many potential credit union customers live in a very different financial reality from even this time last year. We see that in the growth of unlicensed, unscrupulous and illegal moneylenders who prey on the financially vulnerable and suck them into an arrangement whereby a small debt also equals threats, intimidation and an element of control that causes profound suffering and anxiety.

If someone happens to have less access to credit or cash, he or she is essentially penalised for being poor, whether that means needing to pay car tax in quarterly payments or for a 20 litre drum of oil instead of a full tank. That results in significant additional costs for those who are in a position whereby they less able to bear them. It is grossly unfair. Credit unions have a very valuable and important role to play in situations like this, and that needs to be reflected in fit-for-purpose legislation to ensure growth can continue to meet the increasing demand.

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