Liam Fitzgerald (Fianna Fail)

I got a student loan for books. I believe I spent a little bit of it on them anyway. Since then, I have continued to show loyalty to this institution.

The credit union movement should be commended by all sides on the manner in which it took up where for-profit organisations, such as banks and other institutions, left off. In that way, it reached out in a very inclusive, caring and supportive way to people in urban and rural Ireland. It played a significant role in ensuring loan sharks did not have the market to themselves. In the absence of credit unions, loan sharks would have had a field day in the bad old 1980s and early 1990s. Thankfully, that was not the case because of the way in which credit unions very effectively filled that vacuum.

There are serious issues, one of which is the fact the CUDA is not in the league. That, in itself, is a very significant factor which must be taken into account. Speakers talked about consensus building. I agree with my colleague that it is very important. Senator O'Toole is one of the great architects of partnership in education and of social partnership. While I acknowledge what the Minister of State said about the wisdom of enabling and facilitating the speedy progression of the talks taking place between the regulator and the league, consensus can only be built if the significant views of the minority of branches are fully taken into account. That is what real partnership is about. While I fully support what the Minister of State said, I urge him to ensure the regulator and the other parties to those talks take full account of the views of the CUDA and branches North and South.

I support the Minister of State's line at this point. It is sensible, reasonable and logical that parallel talks do not take place. However, we must ensure the talks, as they progress from here, are all-inclusive and that minority concerns as well as the welfare of the membership of credit unions are fully encompassed by those talks.

While I warmly welcome this debate arising from the publication of Senator O'Toole's Bill, which is a timely and worthwhile initiative, I lean on the side of the Minister of State's and Senator Mansergh's view that we grasp the opportunity of the discussion on this Bill to give a kick in the transom to the talks and expedite them. With the development of new products and the extension of credit guidelines in credit unions, it is important these talks are brought to a speedy, effective and all-inclusive conclusion.