Many in the Credit Union movement in Northern Ireland have campaigned for the opportunity to expand their range of services to match those enjoyed by groups in Great Britain and the Republic of Ireland.

The ETI Committee did spend a considerable period of time in taking evidence and consulting with all the important stake holders.

The impediments to the expansion of credit union services were identified and explained at some length.

Four distinct options were developed and all parties agreed that option IV was preferred. This would enable the necessary outcomes to be achieved quickly and match the services provided elsewhere.

However I recognise that, assistance must be given to help with the changes and training which will be necessary for our local credit unions to move forward.

Some of the smaller unions may wish to stay as they are and offer limited services. Others will want to expand and offer a wide range of services.

We would recommend that the Financial Services Authority open an office in Northern Ireland staffed with people with an understanding of the credit union movement and the regulatory arrangements necessary.

The credit union movement has grown over the last fifty years and has a bright future in Northern Ireland.

The only note of caution I would have is with respect to the reinvestment of assets into community enterprises which will necessitate new skills and competences. Investments may be subject to more risk but with proper training I see no reason why credit unions should not develop those skills so that significant benefits may be brought to communities.