Liam Fitzgerald (Fianna Fail)

I do not have gems of wisdom to add but I would like to make a number of appropriate acknowledgements. I welcome the introduction of the Bill which is timely for the reasons set out by previous speakers. The issue has dragged on for too long. I agree with the principle underpinning the legislation and it should give a kick in the transom to the ongoing discussions. This Bill has a significant contribution to make.

There is no doubt legitimate concerns have been articulated in the Bill, which is supported by the CUDA and Senator O'Toole, such as the issue of protection, to which each speaker has adverted. I listened carefully to what Senator McDowell said about whether there is a need for a statutory requirement in regard to protection. I tend to come down in favour of a statutory requirement as protection is vital. Linked to that is knowledge and information, which all branches and members should have. That brings us to transparency. It is quite clear from the little amount I know and from the anecdotal evidence available to me that there is not always transparency in the operations of credit unions.

I acknowledge the phenomenally successful role the credit union movement has played, especially in the social life of the country, as a speaker opposite said. I have been blindly loyal to a financial institution which gave me a student loan in 1967 and I confess, like Senator John Paul Phelan, that I never became a member of a credit union. I admit to blind loyalty to that financial institution, which I will not name.