Dáil Éireann Debate, Tuesday - 29 November 2022
239. Deputy Brendan Smith asked the Minister for Finance when additional measures will be implemented to enable credit unions to provide an extended range of financial services; and if he will make a statement on the matter. [59572/22]
Amharc ar fhreagraCredit unions can and do provide a wide range of financial services to communities across the country and are widening their product range over time. By way of example credit unions have rapidly increased their share of the new current account openings in recent months.
The Programme for Government contained commitments to:
- Review the policy framework within which credit unions operate;
- Enable and support the credit union movement to grow;
- Support credit unions in the expansion of services, to encourage community development; and
- Enable the credit union movement to grow as a key provider of community banking in the country.
I'm very pleased to say that the Credit Union (Amendment) Bill 2022 has received approval for publication by Cabinet. The Bill will recognise the role of credit unions, support investment in collaboration. support governance and improve member services. In addition three non-legislative actions are in progress to support transparency of regulatory engagement.
Cumulatively, the desired outcome of the Bill and the non-legislative actions is to strengthen the role of credit unions as a provider of community banking and to further enable credit unions to focus on priorities that will better position the sector to face the challenges and opportunities of the future.
