Save the 'poor man's bank' from ruin - Hynes
Published 20/02/2016 | 00:00
EVERY effort must be made to ensure credit unions across the country can continue as they are the 'poor man's bank', Cllr Davy Hynes said.
He called for the €100,000 deposit limit to be lifted, adding that pressure is coming from banks to limit deposits at the saving institutes which help thousands of Wexfordians every year by providing them with loans.
'The banks don't want competition. Credit unions are an example of socialism in action.'
Cllr Keith Doyle joked: 'I have shares in credit unions so I have to absent myself from this discussion.'
'I was wondering where you got that shirt,' Cllr George Lawlor said.
Cllr Malcolm Byrne said greater competition from credit unions and post offices to compete with banks is essential in Irish society.
Cllr Deirdre Wadding said even though she doesn't generally represent people with more than €100,000 in savings, but said she would make an exception to support the motion.
'These people pay DIRT and their money allows people to take out loans,' she added.
Cllr Robbie Ireton said: 'It's a poor man's bank, but few poor men have €100,000 on deposit.'
Cllr Jim Moore said credit unions have had to amalgamate due to poor financial regulation.