Mick Wallace (Wexford, Independent)
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To ask the Minister for Finance in view of the fact that the Irish League of Credit Union have money available for investment, if he will consider availing of these funds in order to invest in the economy here; and if he will make a statement on the matter. [50480/12]

Michael Noonan (Limerick City, Fine Gael)
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I assume that the question refers to money held by credit unions, rather than those funds held by the Irish League of Credit Unions (ILCU). The ILCU has stated that the Credit Union Bill 2012 should enable credit unions to provide funding to Government-backed or Government-guaranteed schemes and projects with a social benefit.

The Commission Report recommends that this role needs to be carefully designed to integrate prudently with the basic credit union business of savings and lending services for individuals. The Commission also recommends that a formal process of engagement be established between the credit union representative bodies and Government to determine safe ways to invest collective credit union funds into community projects, employment initiatives and small co-operatives. I remain open to proposals from the credit union movement on this front and it does not appear that primary legislation is required in order to facilitate this.