Dáil Éireann Debate, Tuesday - 10 February 2026
199. Deputy Peter 'Chap' Cleere asked the Tánaiste and Minister for Finance if the process for the delivery of a strategy for the credit union sector has commenced; and if he will make a statement on the matter. [9529/26]
View answer203. Deputy Shay Brennan asked the Tánaiste and Minister for Finance for an update on the new strategy for the credit union sector; if it will support a centralised treasury function for the sector; and if he will make a statement on the matter. [9728/26]
View answerI propose to take Questions Nos. 199 and 203 together.
The Programme for Government includes a commitment to draft a five-year strategy for the credit union sector. Both Minister of State Troy and I intend to co-sponsor a project plan with the credit union sector to determine the sector's long-term strategy.
In conjunction with the Minister for State, my officials are developing a governance framework and a member focused project plan to deliver on this commitment, ensuring the approach is inclusive and owned by the sector. Work on both is nearing completion, and I expect that shortly, both the Minister for State and I will be in a position to make a formal announcement on the governance framework and project plan. This will be a significant project that has required detailed project design and planning before commencement and delivery within a 12-month timeframe.
This will be a strategy developed and implemented by credit unions, as credit unions are best placed to understand and respond to their members' needs. I expect that this strategy will be owned by the credit union sector, be member and non-member focused, and will build on the many fundamental strengths of the sector.
The credit union sector is diverse, and each credit union is independently governed. I expect that there will be many different viewpoints that need to be listened to and considered. Substantial effort will be made by Government to engage with all stakeholders.
This will be challenging, but the achievement of an agreed sector-wide strategy for credit unions will be significant, and in the long term will provide better services to all credit union members and non-members.
In relation to the centralised treasury function, provisions of the Credit Union (Amendment) Act 2023 that provide for the establishment of a corporate credit union have yet to be enacted. I understand that there are a number of corporate credit union initiatives being developed by the sector, some of which include the development of a centralised treasury function. In order to assist with those conversations, I have asked the Credit Union Advisory Committee (CUAC) to consider the various structures and uses for the corporate credit union, including but not limited to a centralised treasury function. I expect to publish this completed CUAC paper shortly.
A corporate credit union could be a transformative tool for the sector that will support agreed strategic initiatives, but it will require significant collaboration within the sector. In addition to this, the Central Bank will need to develop a comprehensive set of regulations on the operation of such an entity. I would encourage the sector to consider in detail the CUAC paper and to work together to deliver a corporate credit union that supports the needs and ambitions of the sector.
