Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The Deputy is dead right. For example, in the early part of 2021 some 19 credit unions participated in the Covid-19 credit guarantee scheme. It was great to have those individual credit unions participate in that scheme. Beyond that, five credit unions were announced as participants in the Brexit impact loan scheme. If I look at the participation of the credit union sector within our lending landscape, the SME lending they are engaged in has grown by just over 15% year-on-year at the end of June. I am seeing positive signs taking place in that and overall some 77 credit unions are approved to provide current accounts.

On the measures we are bringing in, the Deputy asked if there are any that will make a quick and immediate difference. What we are bringing forward are measures that will be of help in the medium term. I continue to encourage credit unions to engage with their regulators so they can broaden the range of services they want to provide. I am encouraged that so many of the credit unions I meet have an increasing desire to do so. So many of them at local level represent the opportunities that are open to people as we see other regrettable changes take place in the supply of banking services in our country.

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