Labhrás Ó Murchú (Fianna Fail)

I join other speakers in complimenting Senator O'Toole on bringing forward this Bill. In many ways, it is timely. Its main purpose is to ensure we do not end up closing the door after the horse has bolted. I was a founder member of the credit union in Cashel many years ago. One must look back to the start of the credit union movement to realise the role it has played in the intervening years. In the early years of the credit union movement, people found it especially difficult to deal with the banks. I do not know if they have changed very much in the meantime but they were never really seen as institutions which would help those who were not particularly wealthy, so we needed the credit union movement.

The credit union movement was very much built on voluntary effort. Today, credit unions have staff and fine buildings, and rightly so, but in the early days, it was mostly voluntary effort which brought credit union branches into existence and helped them to develop. It is now a huge financial institution. However, it is the small member who must be considered, acknowledged and protected. I am glad nobody ever lost shares or deposits in a credit union. This is a wonderful achievement. It is not accidental. It happened because the correct structures were in place. Over the years, we saw those structures adapt. I am aware the Registrar of Credit Unions was in touch with the Irish League of Credit Unions. It put forward certain proposals on protecting savings and these will continue to be examined, which is as it should be.

Having stated all that, much of this took place and we were not fully aware of it. Senator O'Toole did a great service to this House and the credit union movement by making us stop and consider where we are. I support the view of the Minster of State. At this stage, we must ensure all those with an interest in this, including credit unions, have an opportunity to bring forward their views and ideas and that we have a forum in which to do so.

This matter should not have a divisive element. There is nothing wrong with division when people hold different points of view and wish to put them forward.