Minister Troy announces commencement of the Credit Union Strategy Project

Minister Robert Troy welcomed the commencement of the Credit Union Strategy Project on Sunday which will see a sector wide approach to future proof the Credit Union movement and allow the sector to overcome challenges and meet opportunities.

“I am delighted to formally kick off the process to develop a cohesive and collaborative strategy for the credit union sector in Ireland,” said the Minister of State.

“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.”

The project will see two independent chairs appointed to lead the governance structures and underpinning the delivery of the initiatives strategy.

These chairs are Dr Orlaigh Quinn, who has been appointed chair of the Governance Board. She is a former Secretary General of the Department of Enterprise, Tourism and Employment.

Tom Allen has been appointed Chair of the Strategy Committee, he recently retired as CEO of North Midlands Credit Union.

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. 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 communicated in due course.

Once these elements are approved, the Strategy Committee will begin its work of strategy development. As Minister Troy indicated, the overall project is expected to take approximately 12 months to complete.

“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 futureproof the sector for years to come,” added the Minister.

“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.”

The Government has already implemented a series of important reforms to strengthen and modernise 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.

These measures reflect the Government’s wider commitment to supporting the sustainable growth of credit unions and enhancing their ability to compete and collaborate across the financial services market.

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, ensuring ownership and alignment with the needs of current and future members.