Credit Unions

Enterprise, Trade and Investment – in the Northern Ireland Assembly at 3:15 pm on 23 June 2009.

Alert me about debates like this

Photo of Jennifer McCann Jennifer McCann Sinn Féin 3:15, 23 June 2009

9. asked the Minister of Enterprise, Trade and Investment to outline the current position on the legislative review of the credit unions.             (AQO 3047/09)

Photo of Arlene Foster Arlene Foster DUP

Members will be aware that the Committee for Enterprise, Trade and Investment recently published a report on its inquiry into the role and potential of credit unions in Northern Ireland. I acknowledge the interest that the Committee has taken in the role of credit unions in Northern Ireland and thank the Committee, the Chairman and, indeed, the Deputy Chairman for their work.

On 6 April 2009, I formally responded to the recommendations included in the report. Members will also be aware that in addition to the inquiry that the Committee instituted, Her Majesty’s Treasury, in its 2008 pre-Budget report, announced its intention to review the legislative framework for credit unions and the industrial and provident societies. The review team appointed by the Treasury has consulted widely with stakeholders, and it is expected that its report will be published by the end of this month.

While the Department awaits the outcome of the Treasury review and its recommendations, and although I do not wish to pre-empt the findings, a team has been established in the Department to carry out an initial scrutiny of the current Northern Ireland legislation governing credit unions. That is aimed at identifying and separating those parts of the current legislation that need to be retained to support the registration process, which the report recommended should remain within the remit of the Department, as well as those parts that require changes to bring Northern Ireland into line with Great Britain legislation. The scrutiny, which will dictate the future work of the team, is at a very early stage and is progressing satisfactorily.

Photo of Jennifer McCann Jennifer McCann Sinn Féin

I thank the Minister for her answer. Given the potential for credit unions to invest in projects such as social housing, which was mentioned earlier, does the Minister agree that it is essential for the Executive and the Assembly to see that as a priority and to look at opportunities for potential investment?

Photo of Arlene Foster Arlene Foster DUP

The Irish League of Credit Unions mentioned its proposal to me at a recent meeting. I indicated that it should take the matter up with the Minister responsible in order to take the issue forward. I hope that it has done so.

Money is available; the problem is how to get it into social housing. The Irish League of Credit Unions indicated to me that that is its desire, and I am happy to have a further discussion with that group, if necessary. However, if someone offers money, we should not look a gift horse in the mouth.