asked the Minister for Industry, Trade, Commerce and Tourism if he will consider increasing the maximum amount which individuals may deposit with credit unions.
Ceisteanna—Questions Oral Answers - Credit Union Deposits.
There is no statutory limit on deposits by an individual with credit unions. The current statutory limit (£3,000) on an individual's shareholding in a credit union is under review and I expect to make an announcement in the matter shortly.
Will the Minister accept that there has been an enormous growth in the credit union movement from a membership in 1960 of about 200 to a membership today of almost 500,000? Will the Minister accept that this sector is far too heavily regulated by the State? Does the Minister think it appropriate to release some of that regulation from the State?
The answer to the first part of the Deputy's question is "yes" and the answer to the second part is that I have no evidence to that effect. The answer to the third part of the question is that the matter referred to in his question is being referred to and any other matters in regard to regulation can be raised separately.
Will the Minister accept that it is time to loosen some of the enormous regulation in this area?
I have said that I have no evidence to the effect that that is necessary. However, if evidence is provided to me I will examine it.