Martin Browne (Tipperary, Sinn Fein) | Oireachtas source

I hope the Minister of State enjoyed her visit to Tipperary and especially Cashel a couple of weeks ago. I saw her going into Walsh’s butchers before she left town and I hope she got something nice there.

I am pleased to speak on this Bill today. In my area, just like in many communities across the country, the value of credit unions cannot be overstated.

The purpose behind enabling the credit union movement to grow is worthy, and this Bill seeks to begin to deliver on that to an extent. In recent times, we have seen the withdrawal from Ireland of a number of banks, including KBC Bank and Ulster Bank. Before the exit of these banks, it was important to have credit unions that were enabled to provide for the needs of their customers. This has never been more important owing to the co-operative and voluntary ethos that has worked so well for credit unions and the community for years. That ethos, I am glad to say, is expressed within this Bill, especially in section 6, where provision is made to promote and provide support to co-operative groups and voluntary associations. Given that there is no reference in the current Act to the volunteer ethos of credit unions, this is welcome. It is welcome not just because it recognises the ethos but also because it serves to perpetuate it.

At the heart of each credit union are its members, and at the core of the membership are individuals, each with different means, needs and aspirations. Therefore, it is good to see that provision is made to enable credit unions to invest in credit union service organisations to increase the range of services they offer their members. This is progression for the customer. I welcome the inclusion of enhanced collaboration that will allow credit unions to invest within the services structure and get the supports that would enable them to improve the range of services that branches can provide to members. Commitment to members is a feature of credit unions that we must ensure remains alive and strong.

We saw how banks took the pandemic as an opportunity to reduce their services. We had the attempted withdrawal of ATMs. These days, we see how many banks lack the personal touch. To speak to a member of staff is now seen as unusual in the average commercial bank. We cannot allow that to seep into the credit union movement. Thankfully, this Bill also focuses on improving member services such that where a certain credit union cannot provide a service, a member may go to another that does and avail of it. This enhances competitiveness and expands the range of services available to members. This is to be welcomed.

Ahead of today's discussion, members received correspondence from the Irish League of Credit Unions, ILCU, which is supportive of this Bill. In that letter, it states credit unions are not simply an alternative to banks but a model of community banking that can deliver a much wider range of services and an alternative financial platform. I acknowledge that and support credit unions regarding this valued set of principles.

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