Dan Boyle (Green Party)

I thank the Senators who contributed to this evening's debate. The motion was structured in such a way as to provoke a debate and I am glad it did so. It was particularly notable that Senators focused on the wider issue of microfinance and how it might be progressed and concentrated on the role of the credit union movement, which I will address as I conclude the debate this evening.

The script for the Minister of State's contribution was supplied by the Department of Finance in its indomitable and inscrutable style and included a couple of important points that will help to progress the debate. First was the admission that the Credit Union Act 1997 will require to be amended — a review of the Act is necessary — and second was the announcement by the Minister of State that legislative proposals are being developed to bring about a legislative vehicle to extend the financial services deposit guarantee scheme Bill to credit unions. The Bill will be published during the forthcoming session. When that debate takes place it will address many of the points in the amendment. There are difficulties and the credit union movement is experiencing the problems being felt by financial institutions and the credit market in general. There are structural problems that need to be overcome.

Some of the comments about the level of regulation or the ability of the credit union movement to regulate itself were somewhat unfair. Legislation constrains the Registrar of Credit Unions but credit is due to the office and the sole officeholder——