Social Democrats want to introduce current accounts in credit unions

The Social Democrats have launched their policies on community banking, saying they want to expand the services of credit unions to include current accounts and mortgages.

The party says that Ireland's 380 credit unions and more than 1,100 post offices have huge potential to do more to serve communities.

The new party says that, with co-operation from the State and Central Bank, credit union and post office customers would have full current account facilities, such as debit cards and online banking.

The party also says credit unions have €8bn in deposits in pillar banks, which currently cannot be accessed by local communities.

They argue that the proposals would lead to increased local investment and improved sustainability for credit unions.

Social Democrats co-leader, Roisin Shortall, believes there is a demand for a different way to do banking.

She said: "I think people are looking for more choice in their banking options... and a lot of people would be very keen to do all of their banking with their local credit union."