Dáil Éireann Debate, Tuesday - 21 April 2026
311. Deputy Peter 'Chap' Cleere asked the Tánaiste and Minister for Finance for an update on the development and publication of a strategy for the credit union sector; and if he will make a statement on the matter. [26613/26]
Amharc ar fhreagra325. Deputy Shay Brennan asked the Tánaiste and Minister for Finance for an update on the new strategy for the credit union sector; if there are any further developments with regard to a centralised treasury function for the sector; and if he will make a statement on the matter. [26560/26]
Amharc ar fhreagraI propose to take Questions Nos. 311 and 325 together.
The Programme for Government includes a commitment to draft a five-year strategy for the credit union sector. The Minister of State and I have just approved the project plan to determine the credit union sector's long-term strategy.
Two independent chairs have been appointed who will lead the governance structures underpinning the strategy’s delivery:
Dr Orlaigh Quinn• has been appointed Chair of the Project Governance Board. Dr Quinn is a former Secretary General of the Department of Enterprise, Tourism, and Employment.
Tom Allen• has been appointed Chair of the Strategy Committee. Mr Allen recently retired as CEO of North Midlands Credit Union.
The Project Governance Board will commence work immediately to agree the Terms of Reference, governance arrangements, and a workplan for engagement with credit unions and their members.
This phase represents the initial setup of the project. Participation from credit union CEOs, Directors, and suitably qualified staff will be required at later stages. Further details on the project scope, timelines and participation arrangements will be communicated in due course.
Once these elements are approved, the Strategy Committee will begin its work of strategy development.
This is a significant project that has required detailed project design and planning before the commencement and delivery within a 12-month timeframe. A resource and budget plan has been approved to support delivery of this strategy.
This will be a strategy developed and implemented by credit unions, reflecting the fact that credit unions are best placed to understand and respond to the needs of their members' and communities. 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 provide for the establishment of a corporate credit union. The Credit Union Advisory Committee (CUAC) have considered the various structures and uses for the corporate credit union, including but not limited to a centralised treasury function and have recently published a detailed paper discussing this.
The provisions of the Credit Union (Amendment) Act 2023 relating to corporate credit unions will commence when the Central Bank of Ireland has developed the appropriate regulations. Consultations surrounding a regulatory framework are currently envisaged for the period 2027-2028, as outlined in the Central Bank of Ireland’s 2026 Regulatory and Supervisory Outlook. Please note this is an indicative timeline and may be subject to change in circumstances/events, or other supervisory work that requires reprioritisation.
The sector is considering the potential uses of the corporate credit union, including centralised treasury function, and a number of initiatives are already in progress. I am aware of a significant level of informal discussions that are taking place amongst credit union stakeholders to develop the potential uses of such an entity, so that appropriate regulations can be developed.
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 of Ireland 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.
