Paul Coghlan (Fine Gael)

I am grateful to Senator Bradford for sharing his time. I endorse what he said on this subject. We are all aware of the wonderful work done by credit unions. They have made representations to all sides of the House. The credit unions have a large excess of liquidity. However, they are caught in a straitjacket and their operations are restricted by the 1997 Act. We as legislators should be ensuring a level playing field. The Minister for Finance has the power under the Act to vary this arrangement through a ministerial order for the short term. A more detailed review is needed further down the line. No Member wants to see credit union clients being forced into the hands of moneylenders because of these restrictions. The Minister of State has a listening ear and through his good offices I hope he brings this matter to the attention of the Minister for Finance.