The Irish government has launched a strategy project, promising “a sector-wide approach to future-proof 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, former secretary general of the Department of Enterprise, Tourism, and Employment, will chair of the Project Governance Board, and Tom Allen, who recently retired as CEO of North Midlands Credit Union, with chair the Strategy Committee.
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, says a government release. 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 released later.
Once these elements are approved, the Strategy Committee will begin its work of strategy development, the release adds, with the overall project expected to take approximately 12 months to complete.
“I am delighted to formally kick off the process to develop a cohesive and collaborative strategy for the credit union sector in Ireland,” said Robert Troy, minister for financial services, credit unions and insurance, who announced the project.
“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 future-proof 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 finance minister, Simon Harris, added: “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.”
The Irish government has already implemented a series of reforms for 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.
It says 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, ministers add, ensuring ownership and alignment with the needs of current and future members.
