New approach to futureproof Irish credit union sector announced by Longford-Westmeath TD

Longford-Westmeath TD Robert Troy has announced the Government will for the first time deliver a sector-wide approach to futureproof the credit union movement and allow the sector to overcome challenges and meet opportunities.

The Strategy Project, a Programme for Government commitment, will develop a 'cohesive and collaborative strategy' for the credit union sector in Ireland and allow the sector to overcome challenges and meet opportunities.

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.

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Tom Allen has been appointed Chair of the Strategy Committee having recently retired as CEO of North Midlands Credit Union.

Commenting on the commencement of the project, Minister Troy said he was delighted to formally kick off the process to develop a cohesive and collaborative strategy for the credit union sector in Ireland.

"This is an ambitious programme of work which will take considerable effort to implement over the coming 12 months.

"From my engagement with the sector I am confident that there is a strong understanding of the need for such a strategy so that the credit union movement can meet the opportunities and challenges ahead.

"This is a strategy which the sector will own, and through the support of the Department of Finance and myself it has the potential to futureproof the sector for years to come.

"It will require hard work, compromise, and a clear direction, but with the expertise assembled and the input from the sector it can be a defining moment for the credit union movement.

"It is important to recognise the work of the representative bodies to date, as well as welcome the appointment of both independent chairs who will bring considerable expertise to the process.”

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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. The overall project is expected to take approximately 12 months to complete.

Tánaiste and Minister for Finance, Simon Harris, said, “Along with Minister Troy, I strongly welcome the commencement of this important strategy for the credit union sector.

"Credit unions are at the heart of communities across Ireland. They have built an unrivalled track record in supporting families and businesses in so many different ways.

"The process being launched today provides a real opportunity to support the continued growth of our Credit Unions.

"It is particularly important that this strategy is sector-led, ensuring that the voices and experience within the movement shape its future direction, with Government providing the necessary support to enable that ambition.”