Rose Conway-Walsh (Mayo, Sinn Fein) | Oireachtas source

This Bill is the first substantive credit union legislation since 2011 and a first step in delivering the commitments in the programme for Government for credit unions. They have been waiting for that for a long time. That said, the Bill will require substantial amendments if we are to get this legislation for this vitally important sector and make the most of the wonderful national and community asset that our network of credit unions presents us with. The credit union has been held back for over a decade by policies that have regulated the sector. The policies were designed for large banks in the wake of the financial crash and the bankruptcy of the country.

Credit unions have been crying out for reform to allow them to extend the loans, particularly for mortgages, businesses and agri-businesses. That is particularly important in rural areas in Mayo. We badly need competition in these areas. The credit unions can perform that role. I would also say that we need a different approach in these areas. Credit unions have the potential to be a genuine community banking system. They have 3.5 million members across the State and there is real potential in that the credit unions hold over €16 billion in savings and only hold over €5 billion in loans. Unlocking the credit union potential to issue loans and using their community relationships could address the issue with traditional pillar banks and adequately finance small businesses. That local knowledge is invaluable.

While I am here, I commend all of the volunteers in the credit unions that I know across Mayo, with the nearest one to me being Belmullet. Castlebar, Westport, Ballyhaunis, Achill and all of the other credit unions are embedded in the communities. They offer a wonderful service. In many cases, people would not have a car or very basic things that they need if not for the credit unions. It is time to set them free from the stranglehold of regulation that they have had to put up with over the years. They are probably one of the sectors which has been the most prevented from fulfilling its potential. I look forward to the credit unions fulfilling that potential and performing the role that I know they can perform in all these communities. We have to remember the volunteers' time and hours across the country. I acknowledge it and thank them all for the work they have done over the decades for credit unions and members in the community. When the doors were shut on many people across this State, the credit unions had their doors open. What they can do in future is even better than they have done in the past.

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