SINN Féin deputy Gerry Adams has welcomed the Government decision to lift its planned guillotine on the debate in the Dáil on the Credit Union Bill.
Mr Adams has expressed serious concern about aspects of the bill and the impact it will have on smaller credit unions, especially in rural areas.
Deputy Adams and Sinn Fein councillor Pearse McGeough have been in touch with Kilsaran/Castlebellingham, Dunleer and Darver credit unions about the proposed bill.
“The danger is that the number of rural credit unions could be quartered,” Cllr McGeough said. “And there is also the worry that people could then turn to moneylenders.
“There is a justifiable fear that some of the government’s proposals will make the closure of some credit unions inevitable leading to the removal of another vital service from rural Ireland.”
Deputy Adams said credit unions are not banks and should not be treated as banks.
“The proposal to apply the Central Bank legislation to credit unions,” Deputy Adams said, “was not considered by the Commission on Credit Unions but will have far reaching implications for credit unions.
“Changes to the appointment of directors will militate against member ownership of credit unions while term limits for directors would remove a wealth of knowledge and experience from the movement.”