Credit Unions

Credit unions are cooperative entities and are operated for the benefit of their members. They have a strong volunteer ethos and a community-centric focus.

The Retail Banking Review 2022 recognises this, stating that “The credit union sector, with its nationwide presence, strong roots in every community and sizeable capital reserves and liquidity has the potential to develop into a community bank, offering a standardised range of retail banking products, at scale, to all members.”

Credit unions in Ireland operate under credit union specific legislation. The principal legislation covering credit unions are the Credit Union Act 1997, as amended, and the Credit Union and Co-operation with Overseas Regulators Act 2012.

The Credit Union (Amendment) Act 2023 updated the legislative framework for credit unions.

The Registry of Credit Unions at the Central Bank of Ireland is the independent regulator for credit unions in Ireland.

Credit Union Policy at the Department of Finance

The Credit Union Policy section is primarily responsible for the development of efficient and effective policies for credit unions.

The section's responsibilities include:

• Developing and overseeing the implementation of legislation and policy for the credit union sector.
• Work towards fulfilling all credit union related commitments in the Programme for Government.
• The provision of high-quality information, advice and analysis on credit union policy matters.
• Engaging in policy research relevant to credit unions.
• Ongoing communication with the Central Bank and relevant credit union stakeholders, including through the Credit Union Policy Roundtable (CUPR).
• Oversee, monitor and provide secretariat support to the Credit Union Advisory Committee (CUAC)
• Manage the wind-down of the Credit Union Restructuring Board (ReBo) as it has completed its objectives

Credit Union Advisory Committee (CUAC)

The appointment of a Credit Union Advisory Committee (CUAC) is a statutory requirement under section 180 of the Credit Union Act 1997. Section 180(3) provides that the Minister may appoint up to seven people to CUAC for such period as the Minister thinks fit.

The main function of CUAC is to advise the Minister and such other persons as the Minister thinks fit in relation to:

a) the improvement of the management of credit unions;

b) the protection of the interests of members and creditors of credit unions; and

c) other matters relating to credit unions upon which the Minister, the Central Bank or such other persons, as may be specified by the Minister, may from time to time seek the advice of the Committee.

There are currently 7 CUAC members:

• Ms Lorraine Corcoran, Chair, Director Afanite, Lead - Personal Micro Credit Initiative
• Dr Olive McCarthy, Senior Lecturer, UCC Centre for Co-operative Studies
• Mr Diarmaid O’Keeffe, Head of Audit, EisnerAmper Ireland
• Ms Therese Conway, CEO of Cavan Credit Union
• Professor Brian O’Kelly, Emeritus Professor of Finance at DCU Business School
• Ms Elizabeth Boylan, Chair, Board Oversight Committee, Progressive Credit Union
• Mr Michael Byrne, CEO of Core Credit Union

CUAC holds regular meetings, with the Department of Finance providing secretariat.

Credit Union Policy Roundtable (CUPR)

The main objectives of the Credit Union Policy Roundtable (CUPR) are for all members to share information and views on current matters, future developments, and key issues in the Credit Union sector.

Membership of the CUPR comprises key sector stakeholders such as the Registry of Credit Unions at the Central Bank of Ireland (CBI), Irish League of Credit Unions (ILCU), Credit Union Development Association (CUDA), Credit Union Managers Association (CUMA), and the National Supervisors Forum (NSF).

The Department of Finance chairs the CUPR and provides secretariat. The CUPR meets up to 5 times a year.

The Terms of Reference of the CUPR and the minutes of the CUPR meetings are published here.

Credit Union Policy Roundtable (CUPR) Publications

Other Relevant Links

Report of the Commission on Credit Unions (March 2012)

Viability and Irish Credit Unions (CUAC - January 2016)

A Survey of Irish Credit Unions (CUAC - April 2016)

Review of Implementation of the Recommendations in the Commission on Credit Unions Report (CUAC - June 2016)

Restructuring of the Credit Union Sector in Ireland 2013 – 2017

ReBo's Final Section 43 Review (June 2017)

Policy Paper - Common Bond (CUAC - November 2018)

Policy Paper - Loan Interest Rate Cap (CUAC - November 2018)

Policy Paper - Alternative Means of Voting by Members (CUAC - November 2018)

Final Report of the CUAC Implementation Group (CUAC - January 2019)

A Report on Research into Credit Union Directors (CUAC - February 2020)

Retail Banking Review (November 2022)