Gabrielle McFadden (Fine Gael) | Oireachtas source

This morning, the website of The Irish Times features an article on credit unions. It refers to savers in credit unions being forced to move their deposits as the credit unions are now imposing limits on savings. The credit unions are blaming the banks. The European Central Bank rate stands at 0% but its interbank rates are actually in negative territory. I ask that the Minister for Finance come to the House to debate this issue. The Minister should be in a position to contact the banks and encourage them to charge credit unions the European Central Bank rate of 0% rather than the interbank rate.

Plenty of people have their life savings in a credit union. Credit unions are found all over the country, including in rural areas and small towns. We do not want people taking money out of credit unions and putting it under the mattress where it would be at risk. Many young people are trying to save for a deposit for a house. They may have built up savings of €15,000 or €20,000 with a credit union after years of hard slog and may now be in a position to borrow double that amount for a deposit. It is vital that credit unions are looked after for community reasons. I ask that the Minister be brought to the House and that we encourage him to consider the idea of charging credit unions the European Central Bank rate of 0% rather than the interbank rate?