Michael Mullins (Fine Gael)

I support Senator Noone in her call for a discussion on credit unions. The Financial Regulator may have gone somewhat over the top in curtailing the lending activities of the credit unions, which were always regarded as the small person's bank. Never before was the credit union needed so much by people who are struggling to pay the fees of their children in college or bridge financial gaps for short periods. My major concern is that we will drive those people into the hands of moneylenders, and we all know the difficulties that can cause.

I ask the Leader to arrange for the Minister for Finance to come to the House on an occasion that suits him for a discussion on the major loss of revenue to the Exchequer through illegal and criminal activities. Senator Quinn mentioned the incidence of diesel laundering but there are also other areas where vast amounts of money are being lost to the Exchequer. Figures published yesterday indicate that €1 billion has been lost to the Exchequer over the past two years through illegal tobacco activities, namely, the smuggling of cigarettes into this country. There is also the area of the black economy. Legitimate businesses are being forced to close as a result of activities of cowboys who are able to undercut legitimate operators by not paying their tax and not honouring their commitments to the State.

I also raised an issue some time ago here about-----