Press release
Minister Carroll MacNeill meets with East Galway Credit Unions
Published on
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Published on
Last updated on
Naomh Breandan and East Galway credit unions today (Thursday 29 June) welcomed Jennifer Carroll MacNeill, the Minister for Financial Services, Credit Unions and Insurance, to Loughrea for a roundtable discussion with voluntary board members and the CEOs of Credit Unions from East Galway.
Naomh Breandan credit union, was set up here in Loughrea in 1966 to provide credit to the people living in the local community and today they have reached close to 14,500 members and continues to grow at a fast pace. Due to its rapid growth in recent years the credit union opened a sub office in Woodford. This office serves the people of Woodford and surrounding villages.
During this visit, Minister Carroll MacNeill met with three other credit unions from the East Galway region - Ballinasloe Credit Union, Cladagh Credit Union and Gort Credit Union - as part of a proactive nationwide campaign of meetings with the credit union sector. The stakeholders outlined to Minister Carroll MacNeill some challenges as well as the exciting opportunities for credit unions locally - with many introducing new and compelling product offerings such as current accounts, mortgages, digital payments 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.
After the credit unions engagement, Margaret Loughnane, Naomh Breandan Credit Union Business Development & Marketing officer remarked:
“It's great to meet and engage with the Minister today, and update her on the great sustainability work we are doing here in Loughrea. Our vision is: ‘Together, building a better tomorrow for our community’, and we are driven to continue to promote NBCU’s importance to its community.
"Since 2018, together with Sustainable Energy West (SEW), we have produced a five-year Strategic Plan to map out where best to focus its attention in helping to reduce emissions and improve the local environment.”
Minister Jennifer Carroll MacNeill stated after meeting members of Galway credit unions:
“Credit unions have a long and proud tradition in Loughrea and East Galway and I was delighted to meet with volunteer directors, management and staff involved with this roundtable event today. I wish to thank Ciaran Cannon TD for instigating the meeting and Margaret and her team at Naomh Breandan CU for arranging the valuable engagement.
"CU’s are at the heart of communities and this is an exciting time for credit unions with many introducing new and compelling products offerings such as current accounts, SME and agri-loans. Here in Loughrea, the credit union is working with Sustainable Energy West to produce for the community a five-year Sustainable Environment plan to help reduce emissions and improve the local environment. I’m delighted to hear of the work involved and are well placed for a thriving future."