Minister Donohoe appoints two new members to the Credit Union Advisory Committee
The Minister for Finance, Paschal Donohoe TD, today announced the appointment of the following two new members to the Credit Union Advisory Committee (CUAC).
- Elizabeth Boylan, Director, Progressive Credit Union
- Michael Ahern, CEO, Dubco Credit Union
Ms. Boylan and Mr. Ahern will bring a wealth of experience to the committee. Ms. Boylan is a volunteer director of Progressive Credit Union, a large community credit union, and has spent much of her career in consumer financial services. Mr. Ahern is the CEO of Dubco Credit Union, a large industrial credit union and has previously held senior finance roles across the private sector.
The new CUAC members will hold office for three years, beginning 1st January 2021 and will join four existing members. They will replace two outgoing members: Ms. Claire Byrne, CEO, St. Raphael's Garda Credit Union and Mr. John Doyle, CEO, St. Jarlath's Credit Union.
CUAC is an important advisor to the Minister, recently completing two informative reports. The first, a Report on Research into Credit Union Directors, gave all credit union directors an opportunity to voice their opinion directly. This report provided valuable insights into the role of credit union directors and contains a considerable amount of data which can be used to benchmark the sector, now and into the future. The second report, a Review of the Credit Union Sector, will be an important input into the Review of Policy Framework being undertaken as part of the Programme for Government.
Minister Donohoe thanked the outgoing members, Ms Byrne and Mr Doyle, for their hard work, stating:
“The quality of the work conducted by the CUAC over the last number of years is widely recognised in the credit union sector and is a testament to the capabilities and commitment of the CUAC’s members during that period. They have made a valuable contribution towards dealing with the challenges facing the credit union sector and I wish to thank them for both their expertise and their dedication.”
Commenting on the new appointments, Minister for State with responsibility for Financial Services, Credit Unions, and Insurance, Seán Fleming TD, stated:
“I would like to thank CUAC for their ongoing work to support a stronger credit union sector. I look forward to working with the new members to support and develop the sector moving forward.”
Notes for Editors
The CUAC advises the Minister for Finance in accordance with its mandate under Section 180 of the Credit Union Act 1997. The CUAC’s statutory function is to advise the Minister for Finance and such other persons as the Minister thinks fit regarding: the improvement of the management of credit unions; the protection of the interests of members and creditors of credit unions; and 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
Following the appointments the full committee will comprise the following six individuals:
- Ms Lorraine Corcoran, Chair, Director Afanite, Lead - Personal Micro Credit Initiative
- Ms Olive McCarthy, Senior Lecturer, UCC School of Cooperatives
- Mr Seamus Newcombe, CEO, Payac - provider of current accounts to 35 credit unions
- Mr Diarmaid O Keeffe, Head of Audit, EisnerAmper Ireland. Auditor and adviser to the credit union sector
- Ms Elizabeth Boylan, Director, Progressive Credit Union
- Mr. Michael Ahern, CEO, Dubco Credit Union,
Applicants during the most recent process will be considered for further vacancies which will arise during 2021, though the Minister reserves the right to seek further Expressions of Interest if particular skills and experience are required to ensure an appropriate balance on the committee.