Jim Higgins (Fine Gael)

I move amendment No. 1:

In page 5, between lines 20 and 21, to insert the following:

"(2) Within two years of the coming into operation of this Act, the Minister shall present to the Oireachtas a review of the operation of the Act which will inter alia, assess–

(a)the impact of the operation of the Act on the Credit Union Movement,

(b)the adequacy of the system for developing a strong pro-consumer financial environment, and

(c)the quality of the reporting arrangements to provide the Oireachtas with timely information in regard to–

(i)protection of consumer savings,

(ii)transparency of information for the users of financial services,

(iii)competition among the providers of financial services, and

(iv)efficient redress for consumer grievances in relation to the provision of financial services.".

On Second and Committee Stages, considerable anxiety was expressed regarding the manner in which the credit union movement would fare within the new arrangement being introduced for the regulation of the financial services sector. The credit union movement was set up with the specific aim of providing for the small saver – for the person for whom the banks would not consider as having sufficient claim to make financial arrangements with a bank. It was established as the bank for the small people. It has succeeded to such an extent that it has grown from small beginnings and to a position where its tentacles are spread across the country. The credit union movement is established in every community, both urban and rural. Its success, in terms of its membership and service, speaks for itself.