Dáil debates

Tuesday, 9 November 2021

Ceisteanna Eile - Other Questions

Credit Unions

8:40 pm

Photo of Seán FlemingSeán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

First, the policy review referred to in the programme for Government is at an advanced stage. In the coming weeks, we will have a clear timeline for that process, but it is imminent.

Second, growing the credit union movement, as referenced in the programme for Government, is essentially about growing the credit unions' loan book. They have adequate deposits and savings. They do not need to grow those to any great extent. In fact, the extent of their savings can cause them financial difficulties in the negative interest rate environment we are in at the moment. I met specifically with all the main credit union organisations in light of a number of banks closing branches in many towns, cities and rural areas throughout the country to progress the opportunities available in many of these locations where the credit union is the only financial institution left standing. Credit unions have tremendous ability and scope to increase their lending. That does not require further legislative proposals to assist them. I look forward to working with them in that area.


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