Press release
Minister Carroll MacNeill meets with Mayo Credit Unions serving 100,000 members
Published on
Last updated on
Published on
Last updated on
Jennifer Carroll MacNeill, the Minister for Financial Services, Credit Unions and Insurance, was in Castlebar today (Friday 30 June) to meet with voluntary board members and the CEOs of Credit Unions from across Mayo at a roundtable discussion hosted by Anne King and her team at First choice Credit Union.
First Choice credit union, today has reached over to 35,000 members and continues to grow at a fast pace with the most popular loan being its car loan.
However, the total number of credit union members in the whole of Mayo is closer to 100,000 members. Mayo credit unions are currently lending over €120 million to members across the county.
During this visit Minister Carroll MacNeill met with representatives from five other credit unions - St Colman’s Credit Union from Claremorris, Kiltimagh & District Credit Union, Westport Credit Union, Erris (Belmullet) Credit Union and Ballina Credit Union - as part of a proactive nationwide campaign of meetings she is having with the credit union sector.
The stakeholders outlined to Minister Carroll MacNeill some challenges as well as the exciting opportunities for credit unions - with many introducing new and compelling product offerings such as current accounts, mortgages, SME and green loans.
The Credit Union (Amendment) Bill which was introduced to the Dáil in March 2023 marks a significant step forward in securing a viable future for credit unions across the country. This government’s aim is to introduce enabling legislation, such as allowing for member referral and the establishment of corporate credit unions, which will future-proof the sector for the years ahead.
Anne King, CEO at First Choice Credit Union, commented after the credit unions roundtable engagement:
“Mayo Credit Union representatives are extremely pleased with the engagement we had with the Minister and to be able to raise topics which are key to the continued development and success of credit unions across the county. The Credit Union is about offering a suite of products and services that have a very positive impact for our members and the wider community.”
Minister Jennifer Carroll MacNeill stated after meeting members of Mayo credit unions:
“Credit unions have a long and proud tradition in Mayo and I was delighted to meet with volunteer directors, management and staff involved with this roundtable event today. I sincerely thank First Choice Credit Union for arranging this engagement with those who provide innovative financial services to almost 100,000 people across the county.
"Credit unions are at the heart of communities in providing, with many introducing new and compelling products offerings such as current accounts, digital payments, SME and agri-loans. I have seen first-hand today, how the local credit unions here in Mayo are best supporting their local communities and local voluntary organisations. It is great to meet Kiltimagh Credit Union where my grandad was a member.“
First Choice Credit Union was set up in Castlebar May 1966, which was known back then as the Castlebar Credit Union.
First Choice's average loan is €7,000.
Last year, First Choice credit union provided an education bursary fund in memory of former credit union director Brendan Hopkins. This Bursary is to assist students throughout its common bond in their quest for third level education. First Choice Credit Union awarded five bursaries to the value of €1,000 each.
The bursaries are exclusive to First Choice Credit Union members to assist them with their chosen education path, and applications are invited from members who are currently attending or commencing third level educational courses.