Michael Kitt (Fianna Fail)

It is indeed and that is what the Minister told me. However, it is only right to put it on the record of the House that the credit union movement is being restricted. If we are going to allow more flexibility for other financial institutions, credit unions should be given the same facility. Credit unions now have over 50% excess liquidity in their accounts and they have no choice but to invest that money in other financial institutions. That demonstrates that the restrictions should not be imposed on credit unions.

I know it is not a question of simply amending the Act. The Minister of Finance has told me that other issues are involved. However, if we are talking about competition in the context of other financial institutions, credit unions must also be given flexibility through the removal of the aforementioned restrictions. The Irish League of Credit Unions has made that point very strongly. It has sought the lifting of the restrictions, which would give credit unions a fair chance to grow and develop. The percentage limits could be changed from 20% to 40% over five years and from 10% to 20% over ten years. I hope that will be done soon.

I welcome the Bill. The issue has been discussed in great detail and now is the time for action.