Ó Caoláin supports credit union motion
Caoimhghín Ó Caoláin voted in support of a motion in the Dáil on Wednesday night, 16 February, which deplored the refusal of the Minister for Finance Charlie McCreevy to meet with the Irish League of Credit Unions and called on the government to reform the tax regime to ensure that it is fairer to credit union deposit holders.
Minister McCreevy has steadfastly refused to meet representatives of the credit unions. The Minister is also refusing to make changes to the forthcoming Finance Bill so that returns on credit union savings are taxed in accordance with the recommendations made by the Chairman of the Working Group which examined this issue. Ó Caoláin said:
``It is inexcusable that the Minister should refuse to meet the Credit Union movement, which represents many tens of thousands of people in this country. Credit Unions provide an invaluable service, especially to those on low incomes, and it is no exaggeration to say that they are the mainstay of local economies in rural Ireland and in disadvantaged urban areas. They provide services to those on low incomes which the profit-driven banks and other financial institutions are unwilling to provide. Minister McCreevy and his government colleagues should be enhancing the work of credit unions instead of treating them in this shoddy manner.''