Ruairí Ó Murchú (Louth, Sinn Fein) | Oireachtas source

There will be a significant amount of agreement on the credit union movement, the absolutely necessary services it provides and the huge link it is in the community infrastructure. Everything needs to be done to ensure its future growth. The programme for Government states that the Government will "Enable the Credit Union movement to grow as a key provider of community banking in the country". That is what we need to ensure. The Irish League of Credit Unions welcomes this legislation, but we have a body of work to do. I think there will be a need for the Minister of State and the Government to look at the proposals that will come on Committee Stage from stakeholders and the Opposition, from the point of view of ensuring we give the credit union movement the facility to offer these added services, whether mortgages or loans to businesses, and any other changes that are required.

We welcome the idea of the corporate credit union and the ability to operate together and to collaborate. To some degree I was worried when governance structures were changed, which in some cases meant we technically lost small, localised credit unions, whether rural credit unions or credit unions that were operating in estates, sometimes in estates where there was a huge level of disadvantage and need. They were at times able to provide short-term funding to people who found themselves in terrible conditions or sets of circumstances. We all know where those circumstances can sometimes lead, for example, where they relate to moneylenders, people under severe pressure or a debt someone's kid or grandkid has run up. While I might not always welcome the repayment of those debts, the fact is that the credit union was always there when nobody else was there.

We are all aware of the huge amount of finance dealt with by the credit union movement. I think of Connect Credit Union and Dundalk Credit Union. The latter has stepped up to the mark in respect of the St. Patrick's Day parade, which at one stage, before Louth County Council put money into it, looked like it might not necessarily have happened. As I said, however, the credit union, as normal, stepped up to the mark.

If Members are being absolutely clear in their declarations of involvement, I will say I am no longer a member of Connect Credit Union on the basis that it changed its governance situation and looked for ID and such and I may have failed to hand mine in on time. I say that just to ensure that everything is above board.

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