McGrath: New microcredit scheme follows years of ignoring credit unions
Fianna Fáil has criticised the coalition's announcement of a new loan scheme from credit unions and post offices to help people avoid moneylenders.
The Personal Microcredit Scheme will see people able to borrow up to €1,000 with approval in just an hour, after a number of credit checks.
The announcement came this morning from the Department of Social Protection, just hours before Fianna Fáil tables a Dáil debate accusing the coalition of having no clear policy to support credit unions.
"Any initiative that strengthens the role of not just credit unions but local post offices is to be welcomed," said Fianna Fáil's finance spokesperson, Michael McGrath.
"But it comes against the backdrop of the Government completely ignoring and undermining the credit union movement for the last four and a half years in office."
The Personal Microcredit Scheme itself has been welcomed by groups such as the St Vincent de Paul, who hope it will help prevent vulnerable people borrowing money at rates they cannot afford.
The group said it will expand access to affordable credit to those who cannot get loans from a bank.
