Dáil Éireann Debate, Thursday - 18 December 2025
181. Deputy Shay Brennan asked the Tánaiste and Minister for Finance for an update on the programme for Government commitment to draft a new strategy for the credit union sector; and if he will make a statement on the matter. [72865/25]
Amharc ar fhreagraFirstly, acknowledging the importance of credit unions, the Government retained a dedicated Minister of State with responsibility for financial services, credit unions and insurance, Minister Robert Troy T.D, who is working with Department of Finance officials on all the Programme for Government commitments, in conjunction with the sector.
Amongst these commitments, is the intention to draft a five-year strategy for the credit union sector. Both the Minister of State, Deputy Troy, and I intend to co-sponsor a project plan with the credit union sector to determine the sector's long-term strategy.
I have instructed my officials to draft a member focussed project plan to deliver on this commitment, which will be inclusive and owned by the sector. I expect that in early 2026, both the Minister for State and I will have the opportunity to consider this project plan.
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 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.
However, the Government has already worked with the credit union sector to deliver the enabling provisions of the Credit Union (Amendment) Act 2023. Furthermore, since September of this year, the Central Bank of Ireland has amended lending regulations for the credit union sector which allows the sector to lend €10.1 billion across house and business lending based on current assets.
This is broken down as up to €6.75 billion in house lending and €3.375 billion in business lending, based on sector total assets of €22.5 billion as at 30 September 2025. This is a significant increase from previous permitted lending limits of €2.9 billion.
The amendment of these regulations reflects the competence and capability of credit unions to grow their respective loan books in a prudent manner, and to futureproof their offering to support homeowners and businesses.
