Victor Boyhan (Independent) | Oireachtas source

I thank the Minister of State, as always, for his precise and informative response, as well as for his agreement to come to the House on 2 March to discuss the issue of credit unions. I thank the Leader and her office for arranging all that.

The key question is how we can get credit unions to lend more, and that is important. There is a mortgage market, but we are seeing the winding-down and withdrawal of banks in communities. The strongest aspect of credit unions is that they are community based. They are embedded in our communities. There is an opportunity now for them to get established, although we will have to see how they perform and can grow.The Minister of State suggested that credit unions lend, but not all credit unions are in a position to do so, as he has acknowledged.

The credit union movement has a role in banking and will assist people in getting mortgages. I acknowledge the significant role that it plays in SME financing as well as in personal financing for people who have been turned away. As the Minister of State knows, the great scandal of banking in this country is that people cannot even meet anyone in their banks or get support from banks. The banks have a short memory. We as a nation bailed them out, but we cannot even get them to open their doors now. People certainly cannot get banks to speak to them other than via phone. I see a role for credit unions in building close financial relationships. I thank the Minister of State for his support in this matter.