Martin Mansergh (Fianna Fail)

To come to the substance of the matter, despite a difficulty a few years ago the Government has good and close relations with the credit union movement and deeply appreciates and values the good work the credit union movement does in practically every town. There are ongoing meetings between the credit union movement and the Department of Finance and, where necessary, the Government. If serious problems were arising, I am sure they would be discussed and dealt with and, therefore, it is redundant to include a two-year review. The relations between the credit union movement and the Government and the Department of Finance are sufficiently close that if serious problems requiring legislative amendment arise, they would be dealt with without need for a formal review.

The new body has a different remit from the existing one. I am sure it will be anxious to report on the various dimensions of its activities, including those listed by Senator Phelan, such as protection of consumer savings, transparency of information, competition and redress for consumer grievances. I am sure that, from time to time, it will be accessible to a joint committee of the Oireachtas. Apart from my difficulty about where Senator Phelan wishes to place this amendment, the substance of it is superfluous and redundant in that all these matters will be taken care of naturally in the course of the proper operation of the Act.