Paul Gavan (Sinn Fein) | Oireachtas source

The Minister of State, Deputy Fleming, is very welcome. It is nice to be able to support a Bill that he brings to the House. We will support this legislation. The Bill will wind down the Credit Union Restructuring Board, ReBo. When the board was established many feared that the credit unions would be the next to collapse on foot of the banking crisis at the time. While many difficult years followed for the credit union movement, it got through this difficult period less damaged than many people expected. It came out the other end by utilising its own resources and harnessing the voluntary commitment and social ethos of its members. While the Government of the day put the banks first, the credit union movement had to rely on its own members. Credit unions showed their resilience with only €11.6 million of the ReBo fund being utilised. The restructuring board enabled nearly 100 restructuring projects in more than 150 credit unions, all on a voluntary basis. This is testament to the efforts of the credit union movement, which secured its sustainability into the future. This is only a good thing for the many communities that rely on and depend on their credit unions.

While ReBo is no longer required and has now been dissolved, it is essential that the future sustainability of the credit union movement is supported by the Central Bank. For a long time, Sinn Féin has called for reform of the lending limit rules that apply to credit unions. Recent changes made by the Central Bank are welcome. We would encourage further changes that would allow credit unions to become bigger players in many sectors, including in particular the housing market. Given the current housing crisis and difficulties felt by so many mortgage holders with their banks, the credit union movement is in a unique place to offer sustainable solutions for mortgage holders and those looking for a home. Perhaps the Minister of State might comment on that in his response.

Sinn Féin also understands the challenges the credit union movement will face in competing with retail banks as they seek to attract young members. It is crucial that credit unions are supported as the financial landscape continues to change. Credit unions have served our communities well for decades. They are not like other financial institutions. Indeed, they are effectively financial co-operatives. Sinn Féin is particularly passionate about the need for co-operatives in the broader sense to play a much bigger role in our economic revival. Their social ethos and voluntary ethic provide services to communities and families that can be trusted. As this Bill winds down the restructuring board, I commend the credit union movement on its perseverance.