Michael Mullins (Fine Gael)

I welcome the very significant job announcements made yesterday by the Minister for Jobs, Enterprise and Innovation, particularly the 250 jobs for Inverin in County Galway. Very significant employment opportunities will be available to many young people in the west of that county. I hope this is the start of many significant announcements over the coming months. We are starting to see some stability and confidence return to the country. I hope the people will take that on board when they come to decide on the stability treaty in six weeks. Investors want to see confidence restored in the euro and want to see confidence restored in our country.

Following the publication of the report of the commission on credit unions, I ask the Leader to arrange a debate on that report at an early opportunity. Everybody in this House and the Government recognise the important role of credit unions as a volunteer co-operative movement and the distinction between them and other financial institutions. We all want to see a vibrant credit union sector. The credit union was always regarded as the bank for the small saver and small borrower. That credit unions are lending very little now is causing great hardship and distress. We need an open and vibrant discussion on the role of the credit unions in the light of the publication of the commission report and the possible restructuring that may take place in the coming months. Obviously it is encouraging that the number of credit unions that are undercapitalised has reduced from 56 to 51. The Seanad needs to discuss the future of the credit union movement given its importance to the people.