On Wednesday, I spoke in favour of the Credit Union (Amendment) Bill which is designed to allow credit unions to provide a greater range of services and for the Central Bank to regulate them in a more suitable manner. Current financial regulations fail to appreciate their function as cooperatives and are imposing restrictions which limit SME business lending and mortgages, and are subject to harsh capital requirements. I again called on the Minister to resolve these issues immediately, unfortunately one of the most significant threats to the viability of credit unions is the regulatory regime. Credit unions provide vital financial services to those excluded by commercial banks, they offer local facilities and guaranteed interactions with friendly staff. At a time when banks are leaving the Irish market and closing rural branches, the government should be fully supporting the sector.
Disgracefully, the Government is delaying this important bill by nine months so it can conduct its own work. It will take months for this Bill to progress through the different stages, without government interference. Why can it not happen concurrently with the development of a new framework? This bill provides many of the solutions credit unions need today, any delay is willfully putting more credit unions at risk.
![](https://s2.save4k.org/pic/7dDcVYVbr7o/maxresdefault.jpg)