Credit Unions have played a vital role in bringing financial dignity and ocial empowerment to people all over the world, the Taoiseach said tonight at the opening of a major world conference.
Bertie Ahern said it was a great honour for Ireland to be hosting the annual conference of the World Council of Credit Unions which is being attended by 1,850 delegates from 48 countries.
At Dublin's Burlington Hotel, Mr Ahern said: "I think it is fair to say that this is an organisation that has quite a reach. And it is a reach that makes quite a difference - what you refer to as the Credit Union Difference.
Through its work, the World Council helps to bring democracy, financial dignity, economic opportunity and social empowerment to people all over the world."
The Taoiseach is just one of the speakers at the largest ever credit union conference which will also heard from former President Mary Robinson, Minister for Finance Brian Cowen, economist David McWilliams, Financial Services Regulator Patrick Neary and Dan Mica, chief executive of the American Credit Union movement.
During the weekend conference the Statesman John Hume, who has won the Nobel Peace Prize, will receive the 2006 Distinguished Service Award in recognition of his work in promoting the movement in Ireland.
The former SDLP leader founded Derry Credit Union and was the youngest president of the ILCU."
During his opening speech, Mr Ahern said Ireland's credit unions continue to uphold their ethos of volunteerism and self-help in working to empower their communities. He told delegates the credit union league had supported economic progress in developing countries with the effects felt in places including Albania, the Gambia, Russia, Malawi and Sri Lanka.
"As with all organisations, credit unions across the world face many challenges for the future. Governance matters, taxation and the cost of transferring funds, particularly to the developing world, are issues for many of you. Preserving your core values of equity and community are central concerns that will frame the debate in all areas," he said.
Mr Ahern said there was a consensus in Ireland that change to the legislative framework of the country's credit unions was necessary.
"The Government's major objective is to strike an appropriate balance between the need to facilitate credit unions in adapting effectively to change, while maintaining appropriate standards of prudential supervision and ensuring long-term sustainability of the credit union movement in Ireland," he said.
"The Government here is currently examining the matter of increasing maximum limits that members can hold on deposit and that members can hold between shares and deposits."