Credit union legislation
Gerry Adams raises credit unions’ concerns that new legislation could treat them like banks and disadvantage smaller societies; the Taoiseach promises publication of the Bill during the session.
As I did yesterday, I commend the Government on its work on this issue, and others who have worked on it.
My question is about forthcoming legislation, particularly the proposed credit union Bill. I recently met a delegation from the mid-Louth group of credit unions. They are concerned that the Government may be treating credit unions like banks, when there is a totally different ethos in the credit union movement. They particularly fear that some of the legislative proposals may close smaller credit unions and put obstacles in their way. I understand the Bill is being discussed by the Joint Committee on Finance, Public Expenditure and Reform. When will the Bill be published and brought to the Dáil? Can the Taoiseach assure the House that the Bill will be concerned with conserving, protecting, reinvigorating and promoting the credit union ethos?
Comment on this
This is an important element and phase in the development of credit unions, which are so important for everyone. They are fundamental to the economic life of the country. Some, admittedly, have serious financial difficulties.
The Bill will be published in this session. It is an important Bill and has a bearing on hundreds of thousands of small savers who are loyal to their credit unions. The Bill will be published during this session.