Louise O'Reilly (Dublin Fingal, Sinn Fein) | Oireachtas source

I thank An Cathaoirleach Gníomhach, Deputy Ó Snodaigh, for the opportunity to speak on the Bill. Sinn Féin will support this Bill and we look forward to working with the credit union movement to make any amendments necessary to improve it further.

I am glad the legislation has been forthcoming as part of the programme for Government commitment to review the policy framework within which credit unions operate, and to enable and support the credit union movement to grow. It is important that the credit union movement can grow as a key provider of community banking in the State. It is, therefore, essential that we use this legislation to achieve this.

As the ILCU stated in its letter to public representatives regarding this legislation:

Credit Unions are not simply an alternative to banks. They are a model of community banking that can deliver a much wider range of services and an alternative financial platform.

We can be rightly proud of the high levels of credit union membership. This is due, in no small part, to the massive work done by those who work and volunteer in the credit union movement, but it is also a massive credit to the mammies of Ireland. I imagine that a lot of people opened their first credit union account like I did, which was on the advice, by which I mean on the instruction, of my mother. It gives kids a really good habit. Credit unions are local, they are right there in the heart of the community, you get brought down by your Mam the first time to do it, and then you are on your own and part of the credit union movement. This is a great testament. They are very welcoming and very open but it is the mammies of Ireland who deserve a bit of a pat on the back for this.

The sector is not looking only for improvement in how things are currently done; they are seeking transformative change to maximise the potential of their movement. Credit unions are cornerstones of our communities. Many of us drew down our first loan from the credit union to buy tools for an apprenticeship, books for college, our first car, to go on our first holiday or, as in my case, to buy the first stick of furniture for a first house. They are trusted, they are visible and they understand what makes and strengthens a community. For eight consecutive years, credit unions have maintained the top spot at the Customer Experience Insight Awards, CXi, for best customer experience. As was alluded to earlier, they are on the front line in dealing with issues of financial abuse and coercive control in the context of domestic abuse and of elder abuse. Given that credit unions are local and in our communities, they are aware of and keep an eye out for people, and they are not just doing the job. They are doing the job well. They hold this position among Irish people because they treat their customers and members with respect and they respond to their needs and their individual circumstances.

With more than 300 credit unions across the island, one in every two people has a credit union account. There is a bit of work there for mammies to do still. It is a co-operative movement that places people above profits, benefits its members not shareholders and is embedded in our communities. Let us contrast the ethos of the credit union movement with that of commercial banks. Issues such as the tracker mortgage scandal or the attempt to close branches during the Covid crisis show how commercial banks often do not have the interests of their customers and communities at heart. The credit union movement stands in contrast to this. Credit unions are visible, they are responsible and they are accessible.

Credit unions provide people with affordable and ethical loans to meet the needs of their members yet, to date, the full power of the credit union movement has not been harnessed. It has been held back by a failure of Government to unleash its potential. It is long past time to unlock the potential of the credit union movement, not just for domestic customers but also for business customers. As a State, we need our credit unions to grow, expand and thrive. That is what this legislation should reflect. As it is currently constituted, it will need to be amended to ensure the credit union movement can realise its full potential. We support the Bill and its aims but we want it to go further. We will work with the credit union movement to ensure this legislation is as effective as possible. We all want the same thing in this. We want the credit union movement to thrive.

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