Joe Flaherty (Longford-Westmeath, Fianna Fail) | Oireachtas source

As this is my first time speaking to the Minister of State in her new role, I congratulate her and wish her the best of luck. I welcome this Bill, which is the first significant legislation for the credit union sector in 12 years. It follows through on a commitment in the programme for Government to prioritise credit unions. I am reasonably happy that the Bill, in its current format, reflects much of the significant dialogue that is taking place between the credit union movement, the Minister of State, her predecessor, Deputy Fleming, and Department officials. There is much to be pleased with in the Bill, which is an important first step for the credit union movement. I and, no doubt, many other Government Deputies will remind the Minister of State this week that there is still some work to be done on it. I am satisfied that we can deliver these necessary improvements and modifications on Committee Stage. I welcome that the Minister of State indicated she would be taking some amendments on Committee Stage. That would be greeted with universal agreement by anybody listening in on this debate.

Like all other speakers, I am deeply aware of and in tune with what the credit union represents throughout the community. We have a vibrant and strong credit union movement in County Longford and it is at the forefront of its local community. We are passionately proud of it and determined to ensure it has a lasting place in the hearts of our community. I know the Irish League of Credit Unions is engaging extensively with the Minister of State's office and officials with a view to delivering possible amendments on Committee Stage. These proposals are in line with the positive support for this sector that was set out in the retail banking review. I know this is one of the first Bills the Minister of State has dealt with. She will be most determined, as all of us will be, to ensure we get it right. We will also seek to ensure we place the credit union movement on the correct footing to be an overwhelming force for good and an all-empowering force for growth and opportunity in all our communities.

From the earliest days of this Government, we have made strong commitments to the credit union movement. The programme for Government delivered for the first time a dedicated Minister of State with responsibility for credit unions, an office the Minister of State before us proudly holds. I know she will do that with distinction, while hopefully delivering for the credit unions in this Bill. I do not want to over-emphasise the outstanding asks from the credit union movement as I am aware that its members believe credit unions are getting a fair and balanced hearing in the discussions with the Department. I stress, however, that any proposals will only improve the proposed legislation and allow the credit unions to deliver on all of their objectives for the betterment of our communities. Everybody in this House, regardless of politics, is agreed that we want to see the credit unions grow as providers of community banking in this country. That is clearly set out in the programme for Government.

We need to move on from the notion that our credit unions are merely an alternative to bank because they are not. Rather, they are a network of credit unions representing a proven model for the delivery of community banking that can, and undoubtedly will, deliver a wide range of services and a truly alternative financial platform. Improving the status quois simply not good enough. This legislation needs to be tweaked to allow the delivery of a transformative change that will allow credit unions to follow through on the commitments they have made and which they know can deliver a better and more sustainable business model for them in all our communities. It is my earnest hope that their voice will be heard and the legislation amended accordingly.

As I said, I welcome the Minister of State's gambit in her opening statement that she is willing to take amendments on Committee Stage. I am sure that will be widely applauded by the many credit unions that are doubtlessly following this debate.

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