Michael D'Arcy (Fine Gael) | Oireachtas source

I welcome the amendment. It is an opportunity for credit unions in their own facility to fund projects, whether it is a PPP with a local authority or somebody else, for which they may not be able to get funding. There is another aspect that I would ask the Minister of State to consider. While it may not be a PPP project it is important to remember that credit unions are disallowed from funding limited companies. In regard to PPPs, it would be a good if a credit union from a county town was to fund a project within that town for which potentially the local authority or somebody else may be incapable of getting funding. There are many registered charitable organisations and community groups organised on the basis of a limited company that do superb work. While not a PPP, they are organised in this manner as a limited company. Credit unions are disallowed fund limited companies. The best community organisation in the country may require funding, the merits of which may only be understood by the credit union in the local town, but because of the way the community organisation is organised, formed by guarantee and formed as a limited company, a credit union is disallowed from funding it. I am not talking here about opening up credit unions to massive loans to limited companies. This is an issue that needs to be considered specifically for community organisations that are organised in this manner. It is something that would have a community gain as well as a benefit for the credit union. It would be seen as acting not only in the greater good of the individual but in the greater good via a community organisation.