Vol. 538 No. 1
107 Mr. McDowell asked the Tánaiste and Minister for Enterprise, Trade and Employment her views on whether it is necessary or desirable to amend the Credit Union Act, 1997, to allow credit unions to offer products under the special savings investment scheme; and if she will make a statement on the matter. [14251/01]
By way of clarification, I should point out that it is possible for credit unions to offer products under the special savings incentive accounts, SSIA, scheme. I understand that a large number of them are now doing so. However, the Irish League of Credit Unions have identified a provision in the Credit Union Act, 1997 which, in their view, is an impediment to promoting a particular kind of product and, after this matter was raised initially with the Department of Finance by the League in the context of discussions between them on the introduction of SSIAs, the League then wrote to me about it, given my responsibility for the Credit Union Act, 1997.
The current position is that our officials, together with the Registrar of Friendly Societies, are considering different aspects of the matter and are in discussion with representatives of the League. If it becomes clear that the particular financial limit identified by the League, as set out in section 27(1)(b) of the Act, is a significant obstacle to full participation by the credit union movement in the Government's SSIA initiative, I will give consideration to amending it, having satisfied myself that to do so would not cause other difficulties regarding the preservation of the special character of credit unions.
