Joe O'Toole (Independent)

I noted with interest over the past week or so that the Green Party has indicated that it is unhappy with the progress on climate change and it is demanding of the Government that movement be made on this issue. Members on the Independent benches, who are gravely concerned about the lack of progress on this issue, have decided to propose an amendment to the Order of Business to allow for No. 12, the Climate Protection Bill 2007 in the names of Senator Bacik and others, to be taken as the first item of business.

Three or four times I raised the matter of credit unions, in respect of which I have tabled a Bill on the Order Paper, and each time I was opposed by hard political lobbying that prevents progress. I am also opposed by a twisting of the truth by the Irish League of Credit Unions, ILCU. I ask that people, particularly those who have been critical of regulators, take a serious interest in what the regulator of credit unions announced today. The Financial Regulator announced that he wants the reserves of each credit union to be not less than 10%. Every Member of the Oireachtas who gives the matter serious consideration should support the regulator's position. This morning's announcement by the ILCU twists the truth in a language of desperation, undermining what we are trying to do. Those comments should be resisted and rejected.

Two months ago I stated in the House that almost 150 credit unions had not announced in their half yearly returns that they were making losses. They are not required to do it, but they should do so. This is a question of audit. The unions did not break any law, but the law of the land is that credit unions may not pay dividends if their reserves are below 10% and unless they have a profit to show. This morning, they are trying to twist the fact that they are not making profits.

The ILCU has not been properly engaged in the governance of credit unions for many years, as I often stated. It is trying to blame the regulator, and there will be a ready market for that. At least 150 credit unions are not in a position to pay dividends this year. The ILCU referred to hundreds of credit unions, but I have checked with the regulator and fewer than 80 of them will be impacted upon negatively by the requirement announced this morning by the regulator. The ILCU has questions to answer and it should not mislead people. The political world and classes should take a very strong line on this.

Since becoming a Member of the Seanad I have supported, as have many people on all sides of the House, the placing of photographs on ballot papers. We have reached a point at which the photographs on posters are the same as the photographs on the ballot papers. I say this as a disinterested person, but very often there is very little resemblance between the photograph on the ballot paper and the person standing for election. I am serious about this as people are being misled.