Ceisteanna—Questions Oral Answers - Credit Union Deposits.
- Credit union deposit and shareholding limits 2 speeches
The Minister said there is no statutory limit on individual deposits, while the £3,000 shareholding limit is under review.
Seamus Brennan, John Bruton
- Credit union regulation 4 speeches
Brennan cited the movement’s growth and argued that credit unions are overregulated. The Minister accepted the membership growth but said he had no evidence that regulation needed loosening, inviting evidence for review.
Seamus Brennan, John Bruton
asked the Minister for Industry, Trade, Commerce and Tourism if he will consider increasing the maximum amount which individuals may deposit with credit unions.
Comment on this
There is no statutory limit on deposits by an individual with credit unions. The current statutory limit (£3,000) on an individual's shareholding in a credit union is under review and I expect to make an announcement in the matter shortly.
Comment on this
Will the Minister accept that there has been an enormous growth in the credit union movement from a membership in 1960 of about 200 to a membership today of almost 500,000? Will the Minister accept that this sector is far too heavily regulated by the State? Does the Minister think it appropriate to release some of that regulation from the State?
Comment on this
The answer to the first part of the Deputy's question is "yes" and the answer to the second part is that I have no evidence to that effect. The answer to the third part of the question is that the matter referred to in his question is being referred to and any other matters in regard to regulation can be raised separately.
Comment on this
Will the Minister accept that it is time to loosen some of the enormous regulation in this area?