Maria Byrne (Fine Gael) | Oireachtas source

I thank the Minister of State for attending to discuss this important issue. Senator Casey covered much of what I had intended to say. As a member of a credit union, I know credit unions are at the heart of our communities. When I joined my local credit union, it was the confraternity credit union. Applicants had to be members of the confraternity to be admitted and it was restricted to certain streets. If you lived to the left of one street, you could not join, and nor could you if you lived across the road from the credit union because it was in a different jurisdiction. We have come an awfully long way in respect of credit unions. I compliment the Minister of State and his staff and officials on their engagement and the work they have done to bring the Bill before the House. Having spoken to the manager of a credit union locally and met others elsewhere in the country, I know they are delighted with the level of engagement that has come, which has been led by the Minister of State and his team.

As Senator Casey eloquently outlined, with the banking sector reduced in size to only three pillar banks, more and more people are turning to credit unions for matters such as small loans, whether for a car or event, and investments. Many people also use credit or debit cards from credit unions as well, whereas 20 or 30 years ago, credit unions did not have those kinds of facilities. Indeed, some credit unions can even offer mortgages. That the sector is being expanded whereby companies too can join is very important. Some companies might run a Christmas club for their staff or whatever the case may be, and they now have the facility to use the credit union. Moreover, staff still work behind the counter in credit unions and that is very welcome, especially for older people, many of whom cannot get used to the fact banks have reduced their staff numbers and, in many cases, there are mostly just machines.If you want to deal with a staff member, you have to queue up for quite a while to get that personal touch. I believe that credit unions bring that personal touch. The credit union movement has grown from strength to strength, not just in the towns and villages, but in cities. The key element of this is to recognise the credit union services organisations under the Credit Union Act as authorised investors and to provide for the establishment of corporate credit unions as entities through which credit unions can further collaborate. Credit unions can collaborate with one another and this is a healthy way to go because they will be able to work together on projects. There is also the fact that the Minister of State is there as their representative or point of contact. If they have suggestions, they can speak to the Minister of State and his team. This is important because the people in the credit unions have been working for so long with members of the public.

This Bill seeks to permit public bodies to become members of the credit union and to provide for certain changes to the governance of credit unions. We all recognise how important governance is. The staff do an annual governance course and are fully trained. The Bill is to provide for the setting of the maximum interest rates by the Minister and that can be changed on loans by the credit unions. I am aware this provision came out of the Minister of State's engagement with the credit unions. The Bill also provides for the provision of services by credit unions to members of other credit unions within certain parameters and to provide for the participation by credit unions in loans to members of other credit unions. Some credit unions can give out bigger loans than others so that is important. The Bill also seeks to require credit unions to publish a digital map to provide a description of their common bond on their website or in their annual accounts for greater transparency.

From listing those out, we can see the work that has gone into bringing this Bill forward. It is a positive step in the right direction. I would love to see credit unions growing because there is huge potential there. There is also the fact that now one can do many transactions there, when one had to go to the bank for them. That is positive. I compliment the Minister of State and the Fine Gael grouping will be supporting this Bill.