Oral Answers to Questions

Mark Durkan Excerpts

Wednesday 19th October 2011 Commons Chamber

[Mr Swire]

I think that the hon. Gentleman knows our views on double jobbing in relation to Northern Ireland. He will equally know of my view that everybody in this place is equal. I take a rather more positive view than he does. The Governments in Edinburgh and Cardiff and the Executive in Northern Ireland are up and running and functioning. I therefore believe that it is time we looked at how parliamentary business—the business of this House—can be done better to reflect a post-devolution United Kingdom. That is what the commission will look at. That should reinforce the strength of the Union—something in which he and I both believe.

[Mark Durkan (Foyle) (SDLP)]

5. What discussions he has had with ministerial colleagues on the regulation of credit unions in Northern Ireland.

[The Minister of State, Northern Ireland Office (Mr Hugo Swire)]

Following discussions between Treasury Ministers and the Department of Enterprise, Trade and Investment, the Treasury and the Financial Services Authority published a joint consultation paper in August setting out proposals for the transfer of the regulation of Northern Ireland credit unions from DETI to the FSA on 31 March 2012. [Interruption.]

[Mr Speaker]

Order. There are far too many private conversations taking place in the Chamber, notably on the Opposition Benches. I would have thought that everybody would want to hear Mr Mark Durkan.

[Mark Durkan]

I thank the Minister for that reply. Tomorrow is international credit union day, and credit unions in Northern Ireland have been waiting for the change that he described for a long time so that they can offer their members a much greater range of services. Will he assure us that his work with Treasury Ministers will mean that the primary legislation will be adequate, the secondary legislation will follow fast and the transition arrangements will have a strong regional presence so that the credit unions can work with the new regulator to make a success of the new powers?

[Mr Swire]

I congratulate the hon. Gentleman, and his predecessor John Hume, on championing the cause of credit unions for many years. There are 177 credit unions in Northern Ireland. They are part of the big society agenda, and we think they are great institutions. We want them to be able to expand and offer the services that credit unions in Great Britain currently can. He will agree that what is important during the change is that people with their money in those credit unions are properly protected. Like me, he will no doubt welcome the move to bring credit unions under the FSA or its successor, to protect them in a way that the Presbyterian Mutual Society savers were not protected.

--- Later in debate ---

[The Prime Minister]

My hon. Friend makes an important point. People should listen to what the Governor of the Bank of England said yesterday:

“With a lower level of sterling and a credible plan to reduce the fiscal deficit over the medium term, we were on track. But the problems in the euro area and the marked slowing of the world economy have lengthened the period over which a return to normality is likely.”

That is what we face in this country, but it means that we should stick to the plan of dealing with our debts and our deficit. If we listened to the Labour party and added £23 billion to the deficit this year, it would not be “Greek-onomics”; it would be “freakonomics”.

[Mark Durkan (Foyle) (SDLP)]

Q2. The Prime Minister has acknowledged that there was collusion in the murder of Pat Finucane. Does he accept that in order to get to the bottom of that we have to get to the top of that? Does he recognise that many of us lack confidence that a desk review by even an eminent lawyer will be able to do that? Will he reflect further on the grave misgivings expressed by the Finucane family and the Irish Government?