Colm Burke (Fine Gael) | Oireachtas source

I join my colleagues in commenting on the issue of Newbridge credit union. While there is a need for a debate there is also a need to reassure the general public that credit unions are a good place in which to have investments. They have served local communities well down through the years and will continue to serve them. I do not want a situation to arise where there is scaremongering about all credit unions. One of today's newspapers reported that a watchful eye is being kept on 100 credit unions. In fairness they have been quite conservative about giving out loans and managing their affairs and will continue to be so. However, it is important to have a debate on the issue.

Senator Mullins said that over €3 million was given to one company or individual. That is a concern. If there are other credit unions where this has occurred, we need to deal with the issue and ensure this does not happen in the future. We also need to discuss the structure and governance of credit unions to ensure proper procedures are being followed and that expertise is available when needed. It would be useful to have a debate to deal with those issues. Therefore, I support Senator MacSharry's call for the Minister to come to the Seanad for a discussion on this issue.