Pádraig Mac Lochlainn (Sinn Fein) | Oireachtas source

Like all Oireachtas Members, I receive an invitation every year to engage with the Irish League of Credit Unions and listen to its key priorities. For a number of years, I have been perplexed as to why its eagerness and willingness to contribute to a house building programme in the State has not been addressed and facilitated. It wants to play a substantial role in that and has substantial assets.

The report we are debating refers to the average loans to assets ratio and the desire to increase that. The credit union movement has said this is one way to address that, in partnership with the Government, and to protect the investments and savings of its shareholders.

When we reflect on the financial crisis and the role of the banks, in particular the European Central Bank, we should note that the credit union sector is at the opposite end of the spectrum. Senator Lawlor referred to the credit union ethos being spread throughout the world, often by Irish activists and missionaries in other countries. It is something we should build on.

We have to have regulation and prudent management, and there have been small instances where that has fallen down with the movement. The recommendations in the report need to be implemented. The credit union movement has the potential to do even more good than it is already doing in local communities. It wants to play a role and has been asked to do so for a number of years. That is the key message I want to put across to the Minister of State today.

I am sure my colleagues have dealt with other issues around tiered regulation in a better way. In terms of housing, I have engaged with the credit union movement every year. I ask the Minister of State, his Department officials and colleagues in the Department of the Minister, Deputy Eoghan Murphy, to liaise and make this happen. It is good for the credit union movement and our society. I urge the Minister of State to make that happen.