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

I look forward to briefing the Deputy, as well as the opportunity to brief the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach, on developments as we progress. A total of 19 credit unions were approved in early 2021 for participation in the Covid-19 credit guarantee scheme. The Government has provided substantial funding for retrofitting. There will have to be some elements of providing funds by the homeowners themselves. The credit unions are the ideal movement to provide that vital type of extra information. The Central Bank of Ireland is looking at some of the services already provided that require its approval, with a view to seeing if some of these can be made exempt. I will come back with further information on that. Some legislation may be required in the areas we are talking about. However, the Central Bank of Ireland is independent of the Government for good reason. Collaboration is the way forward for credit unions because many of the issues I have mentioned are onerous for small individual credit unions. If they collaborate, they can work strongly.


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