This Government is committed to helping vulnerable borrowers and has proven this commitment through the enactment of the Consumer Protection (Regulator of Retail Credit and Credit Servicing Firms) Act and the Consumer Credit (Amendment) Act 2022.
These bills protect consumers and vulnerable borrowers by extending the consumer protection code to all providers of hire purchase and PCP agreements and placing a cap on interest rates moneylenders can apply respectively.
The purpose of the Personal MicroCredit (PMC) initiative is to encourage credit unions to provide small loans to the most vulnerable. Part of this initiative is the introduction of the It Makes Sense (IMS) Loan. IMS is a niche loan, open to those in receipt of social welfare payments and so will always be a very small part of the lending needs in a community.
As at end March 2022 there were 209 credit unions. Of these 190 are community credit unions that could offer the IMS loan. 101 credit unions are signed up to offer IMS loans. Including sub offices (180 branches) there are 281 locations offering IMS.
The Department of Finance does not have access to the full list of credit unions offering these loans however, when credit unions sign up to offer IMS loans they are given the option of appearing on a public list. The names and locations of 85 of the 101 participating credit unions are set out in the table below, which is also available at; www.creditunion.ie/it-makes-sense-loan/participating-credit-unions/.
Credit Union
|
County
|
St. Canice’s Credit Union
|
Carlow
|
Ballyconnell Credit Union
|
Cavan
|
Credit Union Plus
|
Cavan
|
Kilrush Credit Union
|
Clare
|
Bantry Credit Union
|
Cork
|
Clonakilty Credit Union
|
Cork
|
Douglas Credit Union
|
Cork
|
Farranree Credit Union
|
Cork
|
Glanmire & District Credit Union
|
Cork
|
Kanturk Credit Union
|
Cork
|
Kilmallock Credit Union
|
Cork
|
The Lough Credit Union
|
Cork
|
Youghal Credit Union
|
Cork
|
B & S Credit Union
|
Donegal
|
Ballyshannon & Killybegs Credit Union
|
Donegal
|
Sheephaven Credit Union
|
Donegal
|
Swilly Mulroy Credit Union
|
Donegal
|
ANSAC Credit Union
|
Dublin
|
Aughrim Street Credit Union
|
Dublin
|
Ballyfermot Inchicore Credit Union
|
Dublin
|
Blackrock Credit Union
|
Dublin
|
Capital Credit Union
|
Dublin
|
Core Credit Union
|
Dublin
|
Donore Credit Union
|
Dublin
|
Health Services Staffs Credit Union (HSSCU)
|
Dublin
|
Heritage Credit Union
|
Dublin
|
Larkhill & District Credit Union
|
Dublin
|
Lucan District Credit Union
|
Dublin
|
Malahide Credit Union
|
Dublin
|
Palmerstown Credit Union
|
Dublin
|
Phibsboro & District Credit Union
|
Dublin
|
Rowlagh Credit Union
|
Dublin
|
Tower Credit Union
|
Dublin
|
Gort Credit Union
|
Galway
|
Naomh Breandan Credit Union
|
Galway
|
St. Columba’s Credit Union
|
Galway
|
St. Jarlath’s Credit Union
|
Galway
|
Cara Credit Union
|
Kerry
|
Cois Sionna Desmond Credit Union
|
Kerry
|
Killarney Credit Union
|
Kerry
|
Celbridge District Credit Union
|
Kildare
|
Kildare Credit Union
|
Kildare
|
Monasterevan Credit Union
|
Kildare
|
Life Credit Union
|
Kildare
|
Castlecomer Credit Union
|
Kilkenny
|
Goresbridge Credit Union
|
Kilkenny
|
St Canice’s Credit Union
|
Kilkenny
|
Thomastown Credit Union
|
Kilkenny
|
Portarlington Credit Union
|
Laois
|
St Canice’s Credit Union
|
Laois
|
Ballinamore Credit Union
|
Leitrim
|
Drumshanbo Credit Union
|
Leitrim
|
Sligo Credit Union
|
Leitrim
|
Manorhamilton & District Credit Union
|
Leitrim
|
Bruff Credit Union
|
Limerick
|
Cois Sionna Desmond Credit Union
|
Limerick
|
Kilmallock Credit Union
|
Limerick
|
Tipperary Credit Union (Plassey & Doon Offices)
|
Limerick
|
Mulcair Credit Union
|
Limerick
|
St Ailbe’s Credit Union
|
Limerick
|
Lanesboro-Ballyleague Credit Union
|
Longford
|
Cooley Credit Union
|
Louth
|
Drogheda Credit Union
|
Louth
|
Termonfeckin Credit Union
|
Louth
|
St Coleman’s Credit Union
|
Mayo
|
Westport Credit Union
|
Mayo
|
Credit Union Plus
|
Meath
|
Drogheda Credit Union (East Meath & Trim offices)
|
Meath
|
Dunboyne and District Credit Union
|
Meath
|
Oldcastle Credit Union
|
Meath
|
Slane Credit Union
|
Meath
|
St. Colmcille's (Kells) Credit Union
|
Meath
|
Tara & District Credit Union
|
Meath
|
Boyle Credit Union
|
Roscommon
|
Castlerea & District Credit Union
|
Roscommon
|
Roscommon Credit Union
|
Roscommon
|
Ballymote & District Credit Union
|
Sligo
|
Tubbercurry & District Credit Union
|
Sligo
|
Sligo Credit Union
|
Sligo
|
Mulcair Credit Union
|
Tipperary
|
Tipperary Credit Union
|
Tipperary
|
St. Dominic Credit Union
|
Waterford
|
Tallow Area Credit Union
|
Waterford
|
Waterford Credit Union
|
Waterford
|
Youghal Credit Union (Ardmore Office)
|
Waterford
|
Credit Union Plus
|
Westmeath
|
New Ross Credit Union
|
Wexford
|
Wexford Credit Union
|
Wexford
|
Credit unions that do not offer IMS loans, serve the small loan market and vulnerable borrowers in their communities in other ways with many having local initiatives. Therefore participation in the scheme should not be used as the metric for evaluation in regards to how credit unions serve the vulnerable in the community.
In respect of increasing participation rates, this is proactively managed by seeking to continually ease the additional administration burden of accessing the household budget scheme for repayments and ongoing dialogue with credit unions to see if changes are needed or gaps exist in helping those more vulnerable borrowers.