Danny Healy-Rae: Urges Credit Union Reform to Protect Locals
Danny Healy-Rae thanked Marianne Hartland and the Independent Group and strongly supported their bill to modernise Credit Unions. He argued the bill would allow credit unions to provide a greater range of financial services and urged the minister to update regulations to protect members.
Support for Independent Group bill
He thanked Marianne Hartland and the Independent Group for the opportunity to speak and described their bill as important. He said the present set up is outdated and that the bill would allow credit unions to offer a greater range of financial services to members.
Role of credit unions for vulnerable people
He said credit unions are vital to people "who live in the margins, the people who live in the shoestring", citing examples such as needing a cataract operation or hip and knee surgery. He argued many rely on credit union help to avoid prolonged pain or loss of sight when they cannot otherwise afford care.
Concerns about regulations and reserves
He highlighted regulatory rules that require credit unions to set aside one hundred euros out of every thousand to maintain capital reserves and noted that average reserves are around 17%, which he called unfair. He also warned that the value of money has depreciated and said banks "can't accept any more than ten thousand euros".
Central Bank influence and local banking access
He said banks are pulling out of local communities, naming the Ulster Bank, and called for greater competition. He warned the Central Bank is wielding too much power and is too close to mainstream banks, and he urged the minister to act to bring credit unions up to date so they can survive.
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I am too very glad to get the opportunity and I want to thank Marianne Hartland and the Independent Group for giving us this opportunity and their bill is very important and Minister, it has to be given recognition and attention because the present set up is outdated and this bill would allow the Credit Union to provide a greater range of financial services to its members and I say the Credit Unions are vital to people who live in the margins, the people who live in the shoestring and wherever a pinny counts and when something happens like having to go to the Nartigot, a cataract or a hip or a knee dealt with, many people we are glad of the help that the Credit Union gives those people because otherwise they may lose their sight, they may lose their, they may be still in pain for years to get a hip or a knee dealt with, and there are regulations on the Credit Union where they have to set aside a hundred euros out of every thousand to maintain its capital reserves and the fact is that actually their reserves are on average are 17% and that's very unfair and we have seen that banks can't accept any more than ten thousand euros and I mean the value of money has depreciated and that needs to be rectified and we see banks pulling out of local communities, the Ulster Bank and we need the competition, I have only a very short couple of seconds, we need the competition Minister and you have to do something and bring them up to date because the Central Bank is wielding too much power and they are too close to the mainstream banks and we need the Credit Union to survive. Thank you, thank you.
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