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Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Will Mr. Johnson provide us the information in a note?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: My last puzzle relates to the money that the credit unions have to invest. I have been advocating spending the credit unions' €7 billion on social housing, as has every other Member, and nothing has come out of it. Another figure was mentioned today of €14 billion. We now know why the credit unions cannot invest directly in recognised housing agencies and why there is no...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Is the €14 billion in investments?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Is the €7 billion invested in Irish banks?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: The credit unions cannot touch it. There is no national structure-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: There is no alternative borrower. It could be used and the Government has not provided the platform for it to be used in an efficient way to deliver social housing.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Johnson states that the other reasons are that the demand was not there.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: There is no other way in which the credit unions can engage with the Department to spend more than the €700 million in a different way that would allow them to do it for social housing and such that it would not appear on the balance sheet of the Government.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: We would appreciate that. Why is the public services card not recognised as a form of identification for people who have not other means to identify themselves?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Does Mr. Molan have any idea why the Act was not commenced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Has the person responsible within the credit union written to the Minister to ask why it has not been commenced?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Can we have a chat-----

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Is this the same short note that Mr. Molan has been talking about?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: Mr. Corr should telephone the person in the Department of Justice and Equality to find out the answer. As legislators, we can then raise the issue on the floor of the House. Nothing infuriates me more than this kind of thing. People are really suffering, and want to have membership of a credit union because of their financial circumstances.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: The money being collected in local family resource centres is being collected from a number of different individuals and then is brought to the credit union and lodged. Why is there a question mark over that?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: I am not pinning all these questions on Mr. Corr.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: We are not talking about large sums of money.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: We are applying the issue of money laundering to people who attend the family resource centre on a Friday night and give in the few euros they have left over . They are being prohibited from doing that. Nobody is answering. Can somebody tell me whether that is right or wrong?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: "Prohibited" is the word to use; people cannot do this.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Credit Union Advisory Committee: Discussion (31 Jan 2019)

John McGuinness: If I go to my credit union having just collected €50 from ten different people and tell Mr. Molan that the money has come from Mary, Joe and Anne, and tell him to put the money into the specified account, is that not acceptable?

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