Danny Healy-Rae (Kerry, Independent) | Oireachtas source

I too am glad for the opportunity provided by Deputy Harkin and the Independent Group. Their Bill is important and has to be given recognition and attention. The current set-up is outdated. The Bill would allow credit unions to provide a greater range of financial services to their members. Credit unions are vital for people who live on the margins and on a shoestring, where every penny counts. When something happens along the lines of people having to go to the North to get cataracts, hips or knees dealt with, we are glad of the help credit unions give them. Otherwise, they could lose their sight or continue being in pain for years while waiting to have a hip or knee done.

Under the regulations, credit unions have to set aside €100 out of every €1,000 to maintain their capital reserves. On average, their reserves are actually at 17%. That is unfair. Credit unions cannot accept new accounts of more than €10,000. Given that the value of money has depreciated, this needs to be rectified.

Banks are pulling out of local communities, for example, Ulster Bank. We need there to be competition. The Government has to do something to bring credit unions up to date. The Central Bank is wielding too much power and is too close to the mainstream banks. We need the credit unions to survive and grow.

See this speech in context