Speaking today during a Finance Committee discussion on the Draft Credit Union Bill Sinn Féin Finance spokesperson Pearse Doherty said that the Draft Bill “jeopardises the voluntary and community ethos of the Credit Union movement.”
The Donegal South West TD urged the Government to listen to the concerns of the Credit Union movement and amend the Bill to ensure that the distinctive ethos of credit unions is protected in the proposals.
Deputy Doherty said:
“Sinn Fein fully supports strengthening the regulation of credit unions. We want to see strong regulation that protects both members and credit unions. But this regulation must be based on the distinctive character of the credit union movement.
“Credit Unions are not banks. They operate on a voluntary, not for profit basis and are rooted in their local communities.
“I am very concerned that aspects of the governance proposals in the draft bill would, if made law, undermine the volunteer ethos of the credit union movement, in particular smaller and rural credit unions, and in turn could jeopardise the viability of some credit unions.
“Today at the Oireachtas Finance Committee the Irish League of Credit Unions outlined their concerns on this matter and urged the Government to reconsider key aspects of the Bill. I strongly support these calls.
“There is also a need for the Credit Union Bill to include measures to assist the future development of the credit union movement.”