We will co-operate in ensuring the speedy passage of this Bill. We have tabled one amendment which is not in the best interest of credit unions and will, therefore, withdraw it. I am assured by representatives of credit unions that they are happy with the Bill.
Credit Union Bill, 1996: Committee and Final Stages.
I thank Senator Fitzgerald for his remarks. The Bill has been extensively examined on previous Stages and the debate on Second Stage in this House was very useful. I corroborate what Senator Fitzgerald said regarding the response of the Irish League of Credit Unions to the Bill.
Sections 1 to 26, inclusive, agreed to.
SECTION 27.
Amendment No. 1 not moved.
Section 27 agreed to.
Sections 28 to 189, inclusive, agreed to.
First to Fifth Schedules, inclusive, agreed to.
Title agreed to.
Bill reported without amendment and received for final consideration.
Question proposed: "That the Bill do now pass."
Given that the Bill has concluded so quickly, I hope the House will not be accused of rubber stamping it, because any remarks, or the few criticisms, Members wished to make about it were made on Second Stage. There is a certain urgency about the Bill. It almost concluded last week and I thought the Order of Business would be changed to facilitate that. Now that it has concluded, I thank the Minister for introducing a long, comprehensive Bill. It appears from correspondence that the credit unions are satisfied with the legislation and have no complaints. They are great organisations which are present in every town and serve people who might not be facilitated in other institutions. All members of credit unions are shareholders and have a voice, provided they have savings, and this makes the organisation all the better. Those who run credit unions know what is happening in their parish and street and I praise them for their work. I thank the Minister for his help in the speedy passage of the Bill.
I join my colleague in thanking the Minister for speedily bringing the Bill to this House, responding positively to the concerns raised by the credit union movement and processing the Bill in a manner which sees it passed by both Houses in a far better from than when it was published. This is an example of democracy at its best. The Minister is competent, caring and has acted for the general good of the people.
I also welcome the passage of the Bill through the Oireachtas, as will happen when it is reported back to the Dáil. We were right not to obstruct the Bill further as it was clear that any problems had been corrected. The Minister took on board the concerns of the Irish League of Credit Unions, which were well explained to Members of both Houses. The legislation presented to us was satisfactory to everyone so there was no point delaying it further. The AGM of the Irish League of Credit Unions will be held in Killarney this weekend and its members will express themselves as being fully satisfied with the legislation.
This has shown democracy in action. The Bill has been a long time coming and there were problems with it. Those problems were addressed by the Minister and I thank him for that. The legislation will now allow credit unions move into the next century and continue their wonderful work. "Empowerment" is something of a buzz word, but it describes what credit unions do for a large number of people who might not always be adequately served by the commercial banking sector. Credit unions are not banks but they operate successfully in many communities. The Bill preserves their ethos and meets their needs so we should welcome its passage and congratulate the Minister.
I thank you, a Chathaoirligh, and Members of the House for facilitating the speedy passage of the Bill. I agree with Senator Fitzgerald — few Bills have attracted such comment and discussion both within and outside the House. I think the diversity of views brought to bear on the published Bill have produced better legislation, which will guide the development and growth of the credit union movement into the next century. It will be the vehicle to foster and nurture the continued expansion of the credit union movement.
It is remarkable that we should have ended with this degree of unanimity in both this House and the Lower House. It is a tribute to the standing and regard with which the credit union movement is held by the majority of, if not all, public representatives. I am pleased it has elicited such support. I am also glad it has received the agreement and acquiescence of those who will have to operate the legislation and of the credit union members whom I hope will benefit from it.
I have no doubt that the significant service offered to our community by the credit union movement will be improved and enhanced as a result of the Bill and that the extraordinary growth in membership over the decades will continue. The movement will provide a significant alternative credit system for personal financing to many of our citizens and a stream of competition to the more orthodox financial institutions.
I am grateful to Senators for facilitating the passage of the Bill. As Senator O'Sullivan remarked, this is something of a milestone because the AGM of the Irish League of Credit Unions is taking place in Killarney this weekend and it was anxious that the Bill have passed all Stages before then. The league has set itself this target for more than ten years. It is extraordinary that so much time has elapsed since the notion of new stand alone credit union legislation was first mooted, but it has now been realised. I acknowledge that Deputies and Senators on both sides have made important contributions to that realisation.
I must record my appreciation of the officials in my Department, whose sustained and imaginative work on this Bill has brought it to this point — I did not have the opportunity to do so in the other House, through what I am sure was an accidental breach of Protocol. It took an enormous amount of work, patience, effort and discussion and I thank them for the quality and calibre of their contribution. I must also express my appreciation of the role of the Registrar of Friendly Societies, who has had a significant formative influence on this Bill from its early stages.
I thank you, a Chathaoirligh, for your co-operation. We have produced landmark legislation which affects the lives of more than 1.5 million of our people. That is a substantial day's legislative work and I am proud to have been associated with it.
Question put and agreed to.
Sitting suspended at 11.10 a.m. and resumed at 2 p.m.