Credit unions around this country are a shining light in the financial sector. Some 3 million people are members of credit unions which have €16 billion in assets. At the moment, they are willing to invest €9 billion if the Government is willing to listen to them. The banks have left most of the smaller towns around the country. They are either going to county towns or larger cities. Meanwhile, small businesses and working people are moving towards the credit union as their new bank because it is local.

As the Minister for Finance is sitting beside the Tánaiste, I wish to refer to regulation CP88. People involved in credit unions are afraid that if this regulation is signed into effect it will be the death knell for credit unions. The credit unions, that did not need to be bailed out to the tune of €65 billion and are not talked about in here every day like NAMA, seem currently to be getting a slap on the hand for being the best student in the class.

According to those running the credit unions, regulation CP88 is restricting the amount of money that people can have in them. Small and medium enterprises, as well as individuals, wish to become involved in credit unions rather than banks, but they are being restricted. Services such as debit cards and direct debits should be facilitated by the credit union sector due to the lack of banks in some areas.

I am asking the Taoiseach, the Tánaiste and the two other Ministers - the club of four who are allegedly running this country - to have a complete review of regulation CP88. They should work with the credit unions to ensure that this facility is given to people across the country. Credit unions deserve to have such a review undertaken.

First, I have to declare an interest as, like most people here, I am a credit union member and have been over a long period. I basically agree with the Deputy that credit unions are incredibly important to people across the length and breadth of this country. They provide a mechanism for friendly financial services that people respect and enjoy. In addition, we have specialist credit unions for teachers and civil servants, which are part of a financial powerhouse in this country.

For my part as Tánaiste, I can say that the Government is absolutely committed to having credit union movements in place. There are a number of different umbrella organisations which offer people a safe and affordable way of saving money or borrowing when the necessity arises. I think there is cross-party agreement in the House on this matter.

The Deputy referred specifically to regulation CP88. My understanding is that it is about the level of deposits that credit unions can take from members. This issue has already been addressed and, in fact, it is in the process of being worked out and refined. The critical point is to allow members to have savings above a certain threshold and, in effect, to increase the threshold. That is actually in train at the moment.

The credit union movement provides a fantastic financial service to people, including families, up and down the country. My Government colleagues and I are absolutely committed to ensuring that it will continue to do so. In the context of the financial crash, however, we all know that unfortunately issues arose for some credit unions. Through the fund established by the Minister for Finance, those issues are well on the way to being resolved for credit unions that encountered difficulties. However, there has also been a learning process from that whereby we need robust, but not disempowering, legislation. Such legislation would protect the ordinary man's and woman's savings, as well as providing the basis for lines of credit that many people have to avail of at different times in their lives.

I include myself in that and I am sure the Deputy is probably included as well. Small businesses have also availed of them from time to time. However, certain things went wrong for a small number of credit unions when the boom was at its height. Those issues are well on their way to being resolved by the regulation system, which helps everybody, including probably the majority of Members in this House and even the members of the press who are present, to have confidence and security when they bank with their local credit unions and use their financial services.

There was a guidance note with CP88 which stated that credit unions would not be allowed to pool resources. They have €9 billion, be it for investment social housing to help our country and its people or something else, and they are willing to talk to Government about releasing that money and getting interest on it to remain viable.

Clearing houses are robbing credit unions. AIB is owned by us. If credit unions want to use the clearing houses, the prices they are being quoted are astronomical. I have talked to representatives from the credit unions in Boyle, Roscommon, Ballinasloe and Tuam and I have looked at Glenamaddy. A total of €2 million has been put into a small community and this has created jobs. It is fine talking about it here and saying we all support them. Yes, everyone supports them but one must create an environment where direct debits can be facilitated, where one can have a debit card and where one can have more banking services. If we want to have a vision for areas outside the Pale - a vision for reviving rural parts of Ireland - the credit unions and the post offices will be the new banking sector there for the simple reason that once the banks got the €65 billion, they absconded from smaller towns. I emphasise that we need those facilities and I ask the Minister for Finance to consider that and drive it forward for whatever period the Government remains in office because it is crucial for the revival of rural areas. It is also crucial that credit unions are not left to stagnate because this is what will happen. At present, it appears that other than what they lend out, the remainder of their €16 billion in assets is left as liquidity at the rotten price the banks give in interest. I ask the Tánaiste to give an undertaking to the effect that she will ensure this facility is given to the credit unions, not for their sake but for that of the people throughout this country who will be deprived of a banking sector if it is not given to them.

I am a very strong supporter of the credit union movement. It is the friendliness, approachability and quality of personal service that is available from credit unions that is extremely attractive to people who put their savings into credit unions and use their services, not just in rural areas but also in inner-city communities and new communities around cities. My Department has arrangements with credit unions in a number of instances, particularly through the Money Advice & Budgeting Service and the Citizens Information Board, by means of which we help people who may not have a particular credit record to work to become a customer of their local credit union and, ultimately, build up credit capacity, which can be very useful to them. All of the parties in this House have no difficulty in agreeing with that.

In respect of the proposal of the credit unions that they have access to a mechanism for using the funds of their members to invest directly with Government, I assure the Deputy that if the credit union movement - or any of the organisations involved with it - comes forward with a proposal, it will be very seriously examined by Government.

The Deputy referred to the banks. He is correct in stating that banks have moved away from having direct physical branch presences in inner cities, areas with local authority housing and rural areas because of the crash and the change in the way they work. I would be the first to acknowledge that the credit unions provide a vital personalised service relating to financial matters. It is an absolute priority for the Government that this should continue to be facilitated. If the credit unions have proposals they would like to see developed, particularly in respect of the issues raised by the Deputy - such as the size of deposits and the purpose for which credit union funds might be lent to Government - we would be very happy to receive them.

I am glad to say that the difficulties which beset a relatively small number of credit unions in the context of the overall banking crisis are well on their way to being resolved. We are at a point where we have a credit union movement which, even in international terms, is very well regulated so people who want to use it can be very confident that their savings will be very carefully guarded. If there are proposals for expansion, I can say on behalf of the Government that we will be very happy to hear about them from the credit union movement.