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 Header Item Credit Union Restructuring Board (Dissolution) Bill 2019: Second Stage (Resumed) (Continued)
 Header Item Credit Union Restructuring Board (Dissolution) Bill 2019: Referral to Select Committee

Wednesday, 13 March 2019

Dáil Éireann Debate
Vol. 980 No. 8

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(Speaker Continuing)

[Deputy Michael Fitzmaurice: Information on Michael Fitzmaurice Zoom on Michael Fitzmaurice] It is my understanding they have never been taken up on it. We must keep money circulating. Credit union money is local people's money. Credit unions could also provide long-term schemes which would allow scope, for example, for a State body that wanted to build a lot of houses. It would be a way forward for them to flourish, but it would also be good in addressing the housing problem. We should incorporate credit unions more in such endeavours because they are willing to co-operate in these areas.

We must also remember that credit unions got themselves out of difficulty on their own. There was a lot of fear when the figure came out, but whoever gave it to the Minister was reckless because it had come from the unknown.

I will finish on this point as I do not intend to detain the Minister of State all evening. We need to make sure credit unions can lend more widely, either under legislation or in working with the Central Bank. Farmers are now getting loans from them. Some time ago the amounts they were given in loans were not big enough. Facilities are being made available bit by bit, but they are slow in coming. If the Government could do one thing for rural Ireland, it would be to give credit unions the facility to give more loans. I am not saying they would have to loan every penny, but we must ensure they can compete with the banks because we need them, as bank branches have been closed in so many places. Credit unions operate in small towns and could also do other things as they have sub-offices in small villages that open on a Saturday or a Sundays, which is helpful to people living in rural areas. They might be able to incorporate other services with the financial services they offer in rural areas. I support the Bill and will vote for it.

Minister of State at the Department of Finance (Deputy Michael D'Arcy): Information on Michael  D'Arcy Zoom on Michael  D'Arcy I thank Members for their contributions on Stage Stage of the Credit Union Restructuring Board (Dissolution) Bill 2019. I will come back to them prior to Committee Stage with as many answers as possible to their questions. I look forward to interacting with them at that point.

  Question put and agreed to.

Credit Union Restructuring Board (Dissolution) Bill 2019: Referral to Select Committee

Minister of State at the Department of Finance (Deputy Michael D'Arcy): Information on Michael  D'Arcy Zoom on Michael  D'Arcy I move:

That the Bill be referred to the Select Committee on Finance, Public Expenditure and Reform pursuant to Standing Orders 84A(3)(a) and 149(1).

  Question put and agreed to.

  The Dáil adjourned at 9.15 p.m. until 2 p.m. on Tuesday, 26 March 2019.


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