Brian Ó Domhnaill (Fianna Fail) | Oireachtas source

I thank the Minister of State.

I raised the matter on Second Stage as well when I pointed out that at present probably the only financial sector that is lending into the economy is the credit union movement, and it must be applauded for that. While the banks massage figures to suggest that they are lending, the reality is that they are transferring loans from, perhaps, bridging loans into other types of loan. The banks are only restructuring loans instead of providing new loans.

While I am cognisant of the fact that the credit unions, the directors and the movement must be protected, I believe all credit unions would acknowledge that they do not want to be so restricted that they will not be in a position to lend into the economy. I say that taking full cognisance of what the Minister of State stated on the need to protect the sector as well. A balance must be struck and I ask him to bear that in mind in whatever regulations are to be drawn up.