Robbie Gallagher (Fianna Fail) | Oireachtas source

I thank the Minister of State for his engagement with this debate, which I among others called for some time back. I am delighted he has taken time to be here this afternoon. I listened attentively to his contribution. I acknowledge the commitment he has shown in tackling this issue and the level of engagement he has undertaken since he came into office. There is no doubt he has listened. As Senator Gavan outlined, the proof of the pudding will be in the eating, but I hope the lengths to which the Minister of State has gone to in listening to the credit unions will manifest itself in the final documents that will go to Cabinet for approval.

As many speakers have outlined, the financial landscape in this country has changed substantially in recent years. Many players, including Danske Bank and Ulster Bank to name a few, have left the pitch, packed up their financial suitcases and left town. This has left people with reduced service and, in some instances, with no service at all.

Credit unions are the one constant that remains in the financial market. They have stood by the people who supported them - the ordinary men and women of their local communities. They do so with one arm tied behind their backs. In many ways, they are competing with the mainstay banks but, unfortunately, are handcuffed in terms of the number of services they can provide to the public. The restrictions under which credit unions must operate have been well voiced in this debate and the Minister of State is well aware of them. Cash reserves, regulation and the levies are all strangling the credit union movement. We are very fortunate to have the credit union movement. We have fewer players on the financial pitch than ever before, so it is imperative for the communities they serve that credit unions are put on a level playing field with banks so they can provide as many services as possible.

I look forward to the Minister of State's summing up. I am heartened by the level of engagement he has undertaken. I sincerely hope the end product satisfies the credit unions in that they will be able to give a full service to the people they serve.