Credit Unions
Seanad Éireann — 2020-12-15
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Jerry Buttimer (FG), Labour Panel

The Minister of State and I have had a good discussion about this matter and, as he will be aware, credit unions are the bedrock of many local communities. Members save, members borrow and credit unions are the peoples' bank in many cases. I am a former supervisor of my own credit union in Bishopstown. At this time of the year a lot of credit unions hold their annual general meeting, AGM, and we have passed legislation to provide for virtual AGMs, which we all welcome.
Many people rely on the dividend payment. I know in some cases it is a small amount. The number of outcomes in terms of dividends is significant. Each share equals a dividend and the Central Bank, I am led to believe from ongoing representations I have received from people, has called for a prudent approach to be taken. The payment of the dividend and the members' rebate has been put into abeyance because of a letter from the Central Bank in September. It wrote to credit unions outlining the uncertainties relating to Brexit and Covid and mentioned that it did not want to see any distribution by way of dividend or loan interest rebate in credit unions' 2020 final accounts.
The AGMs have not been allowed; they are now virtual. The payment of dividends is important. They are small amounts such as €100, €200 or €300, and in many cases, they are used at this time of year. It prevents people from having to go to moneylenders and we know the consequences of that. I ask that the Minister, the Central Bank and the Irish League of Credit Unions, ILCU, work to ensure that members can receive dividends.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2020-12-15/debate/main
Retrieved: 2026-08-14T04:48:56+00:00
Sitting date: 2020-12-15