Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I thank Members for their co-operation in ensuring the prompt progression of this Bill through the House. As noted in the previous debate here, the provisions of this legislation are targeted at core issues. Hopefully they will allow the credit union sector to provide a wider set of products to all members, as well as aiding greater investment, confidence and collaboration while supporting volunteer directors in a practical way. The role played by credit unions in supporting local communities remains crucial, particularly given the impending withdrawal of Ulster Bank and KBC and the closure of many bank branches. The objective of this Bill is to establish a robust and modern regulatory framework for credit unions which will enable them to fully realise their potential.

The legislation will move to the Dáil following its passage here today and if there are any positive proposals for amendments to the Bill to improve it, the Government will take them into consideration. Any amendments made to the Bill in Dáil Éireann will have to be approved by Seanad Éireann.