Oral Answers to Questions

Mark Durkan Excerpts

Tuesday 21st June 2011 Commons Chamber

[Mr Hoban]

My hon. Friend is absolutely right that we have made significant progress over the past year in getting the financial regulatory system back in good shape. Of course, the Opposition should remember that it was the shadow Chancellor who spent his time in office trumpeting the value of light-touch regulation across the world.

[Mark Durkan (Foyle) (SDLP)]

Will the Minister assure us that, in the context of his current work on regulation, the anomalous position of credit unions in Northern Ireland, which have much bigger memberships and funds than those in the rest of the UK but cannot offer the same range of services, will be addressed, along with industrial and provident societies in Northern Ireland, which are also in something of a regulatory black hole?

[Mr Hoban]

The hon. Gentleman makes an important point. Work is under way to look at the regulatory position of Northern Ireland credit unions.