Minister Troy announces commencement of the Credit Union Strategy Project
- Foilsithe:
- An t-eolas is déanaí:
- Formal process for first of its kind sectoral strategy has begun
- Strategy will be owned by the sector with operational support from Department of Finance
Minister of State with responsibility for Financial Services, Credit Unions and Insurance, Robert Troy TD, today (19/04/2026) welcomed the commencement of the Credit Union Strategy Project.
The Strategy Project, a Programme for Government commitment, will for the first time deliver a sector-wide approach to futureproof the credit union movement and allow the sector to overcome challenges and meet opportunities.
Two independent chairs have been appointed who will lead the governance structures underpinning the strategy’s delivery:
- Dr Orlaigh Quinn has been appointed Chair of the Project Governance Board. Dr Quinn is a former Secretary General of the Department of Enterprise, Tourism, and Employment.
- Tom Allen has been appointed Chair of the Strategy Committee. Mr Allen recently retired as CEO of North Midlands Credit Union.
The Project Governance Board will commence work immediately to agree the Terms of Reference, governance arrangements, and a workplan for engagement with credit unions and their members.
This phase represents the initial setup of the project. Participation from credit union CEOs, Directors, and suitably qualified staff will be required at later stages. Further details on the project scope, timelines and participation arrangements will be communicated in due course.
Once these elements are approved, the Strategy Committee will begin its work of strategy development. The overall project is expected to take approximately 12 months to complete.
Commenting on the commencement of the project, Minister Troy said:
“I am delighted to formally kick off the process to develop a cohesive and collaborative strategy for the credit union sector in Ireland. This is an ambitious programme of work which will take considerable effort to implement over the coming 12 months. From my engagement with the sector I am confident that there is a strong understanding of the need for such a strategy so that the credit union movement can meet the opportunities and challenges ahead.
This is a strategy which the sector will own, and through the support of the Department of Finance and myself it has the potential to futureproof the sector for years to come. It will require hard work, compromise, and a clear direction, but with the expertise assembled and the input from the sector it can be a defining moment for the credit union movement.
It is important to recognise the work of the representative bodies to date, as well as welcome the appointment of both independent chairs who will bring considerable expertise to the process.”
Tánaiste and Minister for Finance, Simon Harris, said:
“Along with Minister Troy, I strongly welcome the commencement of this important strategy for the credit union sector.
Credit unions are at the heart of communities across Ireland. They have built an unrivalled track record in supporting families and businesses in so many different ways.
The process being launched today provides a real opportunity to support the continued growth of our Credit Unions.
It is particularly important that this strategy is sector-led, ensuring that the voices and experience within the movement shape its future direction, with Government providing the necessary support to enable that ambition.”
Government has already implemented a series of important reforms to strengthen and modernise the sector, including the Credit Union (Amendment) Act 2023 and the 2025 Central Bank lending reforms, which introduced expanded capacity for house and business lending. These measures reflect the Government’s wider commitment to supporting the sustainable growth of credit unions and enhancing their ability to compete and collaborate across the financial services market.
The proposed Credit Union Strategy will build on this foundation, focusing on sector development within the existing legislative and regulatory framework. While supported by the Department of Finance, the strategy will be developed by the credit union sector itself, ensuring ownership and alignment with the needs of current and future members.
ENDS
Notes
Project Governance Board
The Project Governance Board will comprise four members:
- Dr Orlaigh Quinn (Chair),
- Representatives from the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (CUDA),
- The Chair of the Strategy Committee (Tom Allen),
Representatives from the Credit Union Advisory Committee (CUAC), the Central Bank of Ireland, and Department of Finance will also attend in a support capacity. The Project Governance Board will provide oversight and final approval of the vision and strategy.
Dr Orlaigh Quinn is a non-executive director on several boards. She has had a distinguished public service career and has deep expertise in policy, governance and organisational transformation, at national and international level. She was the first woman Secretary General of the Department of Enterprise, Trade and Employment (2016–2023), advising government during pivotal moments for Ireland’s economy like Brexit, Covid-19, and the war in Ukraine. She also led major initiatives such as the White Paper on Enterprise, the National Digital Strategy and the Trade and Investment Strategy. Her career also includes senior roles in the Departments of Public Expenditure and Reform, Social Protection and the European Commission.
Strategy Committee
Chaired by Tom Allen, the Strategy Committee will invite participation from ILCU, CUDA, the Credit Union Managers Association (CUMA), and the National Supervisors Forum (NSF), alongside a number of credit union CEOs and board members. It will serve as the forum through which sector stakeholders can discuss and develop the vision and strategy for the credit union sector.
Tom Allen is an FCCA qualified accountant who built a broad base of financial and managerial experience before joining the credit union sector in 1998. He served over two decades as CEO of North Midlands Credit Union, leading its transformation from a standalone credit union to a multi-branch credit union with significant asset growth and several successful Transfers of Engagements. He also recently retired as a Director of Collaborative Finance DAC, supporting sector-wide initiatives such as the Cultivate and Greenify lending programmes. He holds qualifications in management, finance and credit union studies from TUS and UCC.