merrion street

Minister Noonan today published two reports prepared by the Credit Union Advisory Committee (CUAC).

A Survey of Irish Credit Unions’ gives a very useful insight into what credit unions see as the drivers of change, the constraints they face and who they see as the competitors going forward.

The second report published today, ‘Viability and Irish Credit Unions’ aims to define and measure credit union viability. The analysis suggests that the surplus generated by a credit union and the capital strength of that credit union can be used together to measure a credit union’s viability.

Commenting on the release of the reports, Minister for Finance Michael Noonan T.D. said: “As part of the Programme for Government, this Government stated that they will support the invaluable role of credit unions in Ireland. We recognise that the sector requires support to help overcome the challenges it faces.” “I am confident that these important research documents will be of use to the credit union movement and other relevant stakeholders. These reports will help us in our efforts to plan a future where the credit union movement remains at the heart of Ireland’s communities and is strengthened and grows further to continue to meet the financing needs of its members.”

Notes to Editors

What is the Credit Union Advisory Committee (CUAC)? The CUAC is a statutory committee, established under the Credit Union Act 1997 to advise the Minister for Finance on credit union matters. Since the current CUAC’s inception in September 2014 it has consulted with key stakeholders in the credit union sector including the Irish League of Credit Unions (ILCU), the Credit Union Development Association (CUDA), Credit Union Managers Association (CUMA), the National Supervisors Forum (NSF), the Registrar of Credit Union at the Central Bank, the Credit Union Restructuring Board (ReBo) and individual credit unions. A Survey of Irish Credit Unions was carried out by the CUAC between March and June 2015, using the survey results from 101 credit unions. In the development of the Viability and Irish Credit Unions discussion document the CUAC undertook interviews with six credit unions and analysed quarterly financial data for 377 credit unions between 2011 and 2013.