DUBLIN—The Irish government has launched a strategy project aimed at “future-proofing” the credit union sector, outlining a plan for a sector-wide approach to address challenges and expand opportunities.
Officials told the Cooperative News two independent chairs have been appointed to oversee the governance structures supporting the initiative. Orlaigh Quinn, former secretary general of the Department of Enterprise, Tourism and Employment, will chair the Project Governance Board, while Tom Allen, recently retired as CEO of North Midlands Credit Union, will lead the Strategy Committee.
The Project Governance Board will begin work immediately to establish terms of reference, governance arrangements and a workplan for engaging credit unions and their members. The current phase represents the project’s initial setup, with broader participation from credit union CEOs, directors and staff expected in later stages, according to a government release cited by Cooperative News.
12-Month Time Frame
Once foundational elements are approved, the Strategy Committee will begin developing the strategy, with the overall project expected to take approximately 12 months to complete.
“I am delighted to formally kick off the process to develop a cohesive and collaborative strategy for the credit union sector in Ireland,” Robert Troy, minister for financial services, credit unions and insurance, who announced the initiative said in a statement.
“This is an ambitious program of work which will take considerable effort to implement over the coming 12 months,” Troy said, adding that engagement with the sector has shown strong support for a unified strategy. Cooperative News noted he said the effort “has the potential to future-proof the sector for years to come” but will require “hard work, compromise, and a clear direction.”
Tánaiste and Finance Minister Simon Harris said the initiative represents an opportunity to support continued growth in the sector.
“Credit unions are at the heart of communities across Ireland,” Harris said, according to Cooperative News. “The process being launched today provides a real opportunity to support the continued growth of our credit unions,” adding that it is important the strategy be sector-led, with government support.
Built on Recent Reforms
According to Cooperative News, the strategy will build on recent reforms, including the Credit Union (Amendment) Act 2023 and 2025 Central Bank lending changes that expanded capacity for housing and business lending.
The government said the proposed strategy will focus on sector development within the existing legislative and regulatory framework and will be developed by the credit union sector, with support from the Department of Finance, to ensure alignment with the needs of current and future members.
