Seán Kyne (Fine Gael) | Oireachtas source

I welcome the Minister of State to the House. Cuirim fáilte roimh an deis cúpla focal a rá maidir leis an mBille um an mBord um Athstruchtúrú Comhar Creidmheasa (Díscaoileadh), 2019. Tá a fhios ag chuile dhuine an obair thábhachtach a dhéanann na comhair chreidmheasa i chuile chontae trasna na tíre. Tá sé fíorthábhachtach do dhaoine go bhfuil na comhair chreidmheasa ag obair ar son na bpobal sin.

I welcome the Bill to dissolve the legal entity of the restructuring board and to transfer assets and liabilities to the Minister for Finance. The restructuring board was given an important job to do, that job has now been completed successfully and, hence, we can progress with the dissolution of the board. This is a technical Bill to give effect to that dissolution. I note that one year after dissolution the Minister shall arrange for the accounts to be filed. Has he any idea at this stage what those accounts might tell us in terms of assets and, hopefully, not liabilities to the State?

In regard to ReBo, he also mentioned the post-structuring support. I note he stated that while restructuring has continued post ReBo the paced has slowed somewhat. While this was before the Minister of State's time in office, were we too hasty in dissolving this entity in 2017 and should we have continued on and allowed for a greater level of restructuring? I know that date was set in the original legislation and employees got contracts up to that date. They were obviously doing exceptional work but, as the Minister of State said, the pace has slowed somewhat.

Is the Minister of State happy that all the restructured credit unions are operating to their fullest potential in every county and community in which they operate? We all know credit unions provide a vital local service to the communities they serve. Often the community, as in my own area, can be across a large swathe of countryside. The credit union is a community-based structure and organisation. It is not driven by profit. Like any company, it has to achieve a profit but it is driven for its members’ needs. If there are dividends they would be returned to members. Credit unions are extremely important in reducing the use of the scourge of moneylenders. They are a vital provider of small loans, whether it be for home improvements, the purchase of a kitchen appliance or some other purchase. That local service the movement provides is very important.

As a result of the scaling up of many credit unions, the amalgamation of a number of credit unions or one credit union taking control of or subsuming a number of smaller credit unions, they have been able to get into areas such as the mortgage business. That is only possible because of the restructuring and renewal by ReBo.

The Minister of State mentioned the €250 million provided to the credit union fund and all but approximately €11.6 million was returned to the Exchequer in late 2018. Does that mean it was not drawn down or was it drawn down and repaid? I note ReBo was able to recoup some of the costs in terms of levies to credit unions.

This is a technical Bill on a very important sector. I would like to recognise the role of the late John Hume in the establishment of the credit union movement. He travelled the length and breadth of this country encouraging the establishment of credit unions. The credit union movement is down to the strength of his testament, work and vision.