Credit unions have been receiving a significant number of calls from concerned customers. I myself took several calls on my way to the House. Customers are not concerned about their savings because they know they have a guarantee but they want to know how safe their local credit union will be. Credit unions enjoy a high level of trust compared with banks. I agree that the Minister for Finance needs to address this issue urgently. There is urgency about financial regulation, foresight and oversight.

This morning I spoke to a manager of a local credit union, who told me that it had more than enough money in provisions to cover the small percentage of its loans that were in arrears. However, he was aware of credit unions in which more than 70% of loans were in arrears of more than three months. He had great difficulty with the statement issued this morning by the Minister of State at the Department of Finance, Deputy Brian Hayes, because he did not accept it was an isolated incident. We need to be vigilant in avoiding a repeat of the situation that arose with our banks. The credit union manager asked me to call on the Central Bank and the Irish League of Credit Unions to issue a firm statement by tomorrow at the latest on the state of individual credit unions.

Is the Senator calling for a debate on it?

Yes, it is critical because the public are worried. The last thing we need is a flight of capital from our credit unions. That is the money they lend. They do a good job of meeting their criteria. I have enjoyed the services of credit unions through the years, as have many other people in this country. It is our job as politicians and public servants to ensure they are safe for their customers both immediately and in the long run. The Minister, Deputy Noonan, needs to act quickly by asking the Central Bank and the league to step up to the plate and issue a statement so that the public can feel confident in their local credit unions.