PROGRESS on the Credit Unions Bill is "mightily advanced" but the Bill is unlikely to be enacted before the Dail summer recess, according to the Minister for Commerce Science and Technology Mr Rabbitte.

Speaking at the annual dinner of the Irish League of Credit Unions in Cork, Mr Rabbitte "It will be an excellent Bill, a model of its kind - clear intelligible and comprehensive". Explaining the delay in enacting the Bill which was expected before the summer, Mr Rabbitte said he was forced to choose "between quality and haste" due to the complex legal issues involved in drafting the Bill.

"I decided without any reservation in favour of quality," he said.

The new Bill is aimed at allowing credit unions to expand their range of services to members subject to authorisation by the Registrar of Friendly Societies.

"The changes will pose new challenges for the credit union movement and careful planning and additional training for directors will be required, Mr Rabbitte said.

He said the State should protect and encourage socially progressive organisations such as the credit union movement. The bill was about ensuing "even playing fields".

With the Bill in the pipeline "we can already hear from certain quarters the sonorous deep baritones of big, fat, for profit institutions singing this song. I wonder why?" he said.

"I believe in competition of organisational forms - competition between the private sector and other forms of organisation State and social," Mr Rabbitte said.

He pointed out that the credit union was a non sectarian and an all Ireland movement with 1.8 million members and over £2 billion in savings.

Mr Rabbitte commended the Registrar of Friendly Societies, Mr Martin Sisk. "I share the Registrar's concern that credit unions ensure that they comply with the requirements of the Criminal Justice Bill 1994 by fully implementing the Money Laundering Guidance Notes," he said.