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FIANNA FÁIL’S FINANCE spokesperson Michael McGrath has said action must be taken to ensure the future of credit unions.
McGrath said the sector is facing “major challenges” and needs more support.
“It is our view that the credit union movement is under sustained attack from a combination of excessive regulation and bureaucracy and a completely indifferent approach from government.
“There’s a very clear lack of a strategy for the future growth and development of the credit union sector.”
McGrath was speaking ahead of a Dáil debate on a Fianna Fáil motion on the subject, which is due to take place tonight and tomorrow.
He said “onerous lending restrictions” are leading to a difficult environment for many credit unions, noting 52% now have such restrictions, with some unable to grant loans greater than €10,000.
McGrath said that, according to the Irish League of Credit Unions, the sector had around €5 billionn to lend ,but it is not able to do so due to restrictions.
He added that the Central Bank’s proposed cap of €100,000 on savings at credit unions shows the bank and the government don’t have confidence in the sector.
“In years to come the movement will be a shadow of its former self if nothing changes and nothing is done,” McGrath said, stating that the sector is needed “now more than ever” to provide “badly needed competition for banks”.
New loan scheme
McGrath said he was “sceptical” of the Department of Social Protection’s announcement of a new loan scheme from credit unions and post offices to help people avoid moneylenders.
Under the Personal Microcredit Scheme, people can borrow up to €1,000 with approval in just an hour, after a number of credit checks.
McGrath questioned the timing of the announcement, saying the coalition’s annoucement “comes against the backdrop of the government completely ignoring and undermining the credit union movement for the last four and a half years in office”.
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Who do i send the money to so they then send me back the presidency?
That’s how it anyways works….I know as I have a guy over there with 24 million quid for me…
I have direct email contact with the prince of Nigeria himself! I’ll try to get you a meeting if you like?
original…
I’ll take anything at this stage that isn’t a comment about Irish Water.
I won the Nigerian lottery last week so I can afford to run no probs
@HULK
Very funny.
We all know the story, the whole planet knows the story.
Why did i read that in al pacino’s voice?
We aaawwl know, the stoorey. This whole damn PLANET…..knows th’ stoorey..
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We have just the man for ye over here top man enda kenny is he’s name, and that’s he’s monthly salary so no probs on that front.
There are corruption, suicide bombings, beheadings and mass-abduction of children in Nigeria, people are being tortured and ruled by a dictator in Zimbabwe and many women have been raped and/or murdered or have been killed by botched sterilisation procedures in India. It makes me think that the people of these countries were better off when these countries were ruled by the British.
Jasus lads, you’ll give Bertie ideas now.
Sounds like a perfect scam for Dennis obriens portfolios
Adonbilivit
If your in a political party here it costs nothing to run for a European election. If your not it costs 1500.
Donations can be had from Ireland
Just need your bank account details blah blah blah
have your say