Credit Union movement vital to recovery, says Sherlock

There is major potential for the Credit Union movement to be part of Ireland’s recovery, according to new junior minister Seán Sherlock.

Deputy Sherlock was appointed Minister of State for Research and Innovation at the Department of Enterprise, Jobs & Innovation and the Department of Education and Skills yesterday.

He told the Evening Echo newspaper that he had a number of priorities that could help the country to get back on its feet and the Credit Union movement was one such priority.

There is great potential for a link between community enterprise boards and credit unions to get businesses up and running, he said.

“There will be a new commission to look at the future of the Credit Union movement, where we hope to get money flowing back into communities. There is major potential for the Credit Union movement,” he said.

The research and development undertaken at University College Cork and the Tyndall Institute should be expanded nationwide, he added.

“My role is to ensure we can replicate the work of UCC and Tyndall across the country. We have to commercialise that research.

“We should be looking at changing the research and development tax credit to make things more accessible to smaller businesses. It would make it more attractive for employers to offset research and development credits against employers’ PRSI, for example.

“If we can commercialise research, then we will be assisting innovation.”

The artisan food sector could have a vital role to play, according to Deputy Sherlock.

“The food sector is massive for the country. Retraining and upskilling people are the type of ideas we need to prioritise. We have a wide range of products to market within the sector.”

The new Government has to be bold, he concluded.

“If we think laterally and with a bit of imagination, then we can get back on the right track. It will be a challenge, but if we are honest with people, then they will give us a fair crack of the whip,” he added.

Article courtesy of the Evening Echo newspaper.