An article from August 2008 headed, “OVER HALF OF ALL IRISH CREDIT UNIONS UNABLE TO PAY INTEREST ON SAVERS FUNDS” there is a letter from Millstreet Credit Union on the voluntary Consumer Protection Code for Credit Unions defending themselves from over regulation:
As regards the above proposed code, we think it is unnecessary
and unwarranted. There are, already, more than enough rules and regulations
governing credit unions. We are aware that this new code is being pushed by the
EU thinking is driven by the Liberal-Left, who want to control everything. These people are the heirs to the so-called “Enlightenment” of the 18th Century.
This led on to the French Revolution with its massacres of innocent people and the “Reign of Terror”.
Later, this thinking led to the rise of socialism, Marxism, communism and Naziism (National Socialism), all springing from the same root.
We do not need that kind of thinking in Ireland
The people who started credit unions, 40 to 50 years ago, set out to give a service to their communities. If they could have foreseen attempts, over the past few years, to impose totalitarian control on credit unions, they would never have started them, in the first place.
This new code, added to the impositions of recent years, is a recipe for driving all the volunteers out of credit unions; as they will not stand this type of tyranny.
Irish politicians and Irish civil servants seem very anxious to stand on
their heads to prove what good Europeans they are. The voters of Ireland,
recently, sent a message that they are not impressed with this craven mentality.
Irish civil servants, who are paid by Irish taxpayers, should serve the Irish people, and not some foreign masters.