Michael Creed
Question:95 Mr. Creed asked the Minister for Enterprise and Employment whether he intends to introduce legislation to enable credit unions to provide mortgage finance. [2815/96]
Written Answers. - Credit Union Legislation.
I would refer the Deputy to my reply to Question No. 81 on 25 January 1996 in this House when I indicated that proposals for the updating and consolidation of the body of legislation (1893 to 1978) dealing with credit unions were with the parliamentary draftsman. As I have indicated previously in replies to questions, it would not be in order to formally anticipate the detailed content of the proposals that might eventually emanate from the drafting process. I can, however, say that, in the course of the development of these legislative proposals by my colleague, the Minister of State with responsibility for Commerce, Science and Technology, my Department and the Registrar of Friendly Societies, there has been extensive consultation with interested parties, including the Irish credit union movement.
I take it that the Deputy is aware of the particular ethos of the credit union movement. It is that ethos that makes credit unions different from banks and building societies. It has never been proposed that this ethos would be breached. It is the intention of the Minister directly concerned to introduce the Bill as soon as possible after the drafting processes have been completed and after approval by Government.