Dáil Éireann díospóireacht -
Thursday, 25 Jan 1996

Vol. 460 No. 5

Written Answers. - Credit Union Movement.

Noel Treacy

Ceist:

81 Mr. N. Treacy asked the Minister for Enterprise and Employment the reason he has not brought forward amending legislation to ensure that the Credit Union movement can operate in the same financial environment as other institutions; the reason for the delay in introducing this legislation; when he proposes to make the necessary changes, including the publication of the proposed Bill; and if he will make a statement on the matter. [1610/96]

Minister for Enterprise and Employment (Mr. R. Bruton)

I would refer the Deputy to my reply to Question No. 164 on 5 December 1995 as reported in Volume 459, No. 3, columns 449-450).

The Government's legislation programme, published regularly, includes a Credit Union Bill among those being actively worked on and to be published as soon as the necessary consultative, drafting and other procedures allow. Proposals for the updating and consolidation of the body of legislation (1893 to 1978) dealing with credit unions are still with the Parliamentary Draftsman. In the course of the development of these proposals by my Department and the Registrar of Friendly Societies, there has been extensive consultation with interested parties, including the Irish credit union movement itself. Unfortunately, these various processes took much longer than originally anticipated.

As indicated in reply to previous questions, it would not be in order to formally anticipate the content of the proposals that might eventually emanate from the drafting process. Apropos the Deputy's reference to the financial environment for credit unions and other institutions, I take it that he is aware of the particular ethos of the credit union movement which differentiates it from banks and building societies. It was never proposed to breach that ethos.

I wish to again confirm my intention to introduce the Bill as soon as possible after the drafting processes are complete and I have had an opportunity to put the Draft Bill before my Cabinet colleagues. I have previously signified that interested parties will then have another opportunity to review my proposals before they are considered by the Oireachtas.