Credit Unions are hugely important, and ever-more important, in our communities, particularly at a time when many rural bank branches have closed.
The Credit Union Report, which I welcome, overviews the vital role that the sector has played for over 70 years, particularly during the recent financial crisis. There are many people who would not have had any access to credit but for their local Credit Union.
The report does highlight some problems facing the sector, but the biggest problem is the limitations imposed by State regulation. Modification of these to reflect the unique circumstances of Credit Unions has been promised for many years
Actions to empower the Credit Union to invest in the housing crisis are urgently needed. The current Government has made no movement towards this. Sinn Féin has made detailed submissions on how this could be accomplished.
