Credit Union Advisory Committee (CUAC)

The appointment of a Credit Union Advisory Committee (CUAC) is a statutory requirement under the Credit Union Act 1997.

The Act provides that the Minister for Finance may appoint up to seven members of the CUAC for as long as the Minister thinks fit.

The Committee’s statutory function is to advise the Minister for Finance and such other persons regarding:

the improvement of the management of credit unions
the protection of the interests of members and creditors of credit unions
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

The CUAC meets on a monthly basis in the Department of Finance, with the department providing secretariat. It regularly invites credit union stakeholders to meetings to share their views on various topics

The CUAC has completed a number of research papers including the A Survey of Irish Credit Unions and the Viabilty of Irish Credit Unions.

In June 2016, the CUAC produced the Review of Implementation of the Recommendations in the Commission on Credit Unions Report.

The purpose of the report was to identify what impact tha recommendations had on credit unions. It also aimed to indentify environmental changes that have occurred following the report's publication.

While giving due regard to the need to fully protect members’ savings and financial stability, the report also took into account:

the intention of the Commission
the not-for-profit mandate of credit unions
their volunteer ethos and community focus,
the need for credit unions to develop their business models and grow income in a prudent manner

CUAC met with a range of stakeholders to ensure a balanced report providing focused and effective recommendations.

CUAC Report Implementation Group was also established to oversee and monitor the implementation of CUAC’s recommendations.

The implementation group, is chaired by the Department of Finance and consists of one member from each of the representative bodies, one member from the CUAC and a member from the Central Bank.

In December 2017, the CUAC published 3 policy papers: