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Government should enable credit union to invest in economic growth – Tóibín

8 November, 2012

Speaking at the Dáil on the Credit Union Bill, Peadar Tóibín TD, Sinn Féin spokesperson for jobs, enterprise and innovation said:

“The Credit Union Bill, as presented by the government, is an opportunity to support and enhance the credit union movement.

I believe that the majority of the proposals in the legislation, as developed by the Commission on Credit Unions are good and sensible. However, I would welcome the inclusion of a number of other matters into the legislation, which I believe will make the bill stronger.

The bill is silent on enabling the credit union movement to use resources to invest in socially progressive schemes that will provide a return for members and deliver for the community.

The credit union movement has in excess of €13 billion in assets. A fraction of this could and should be put to work investing in communities, creating jobs and delivering change. Surely it is better to borrow from the credit union movement than continue to pay extortionate rates to private banks and bondholders.

I would hope that the minister will include a provision in the legislation that will enable this process.”

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