Minister of State 'encouraged' following meetings and discussions with Limerick credit unions

THE Minister-of-State at the Department of Finance, Jennifer Carroll MacNeill, visited Limerick just before Easter to meet with representatives of seven local credit unions as part of her series of meetings nationwide being held with the sector.

The Minister-of-State, who has responsibility for Financial Services, Credit Unions and Insurance, was joined by local government elected public representatives at the roundtable discussion hosted by Limerick & District Credit Union at their William Street branch.

Ms Carroll MacNeill, has led on a series of engagements over the past three months with the Irish League of Credit Unions; the Credit Union Development Association; the Credit Union Managers Association; and the National Supervisors Forum.

She has also met a number of individual credit unions from across Ireland who are eager for change and for credit unions to reach their potential.

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Following the meeting in Limerick, Minister MacNeill said, “credit unions have a long and proud tradition in Limerick and I was delighted to meet with volunteer directors, management and staff involved with the movement today.

“Now is an exciting time for Credit Unions in Limerick. The pace of change in financial services is relentless, as can be seen in the rapid growth of fintech and digital banking. There is great opportunity for credit unions to harness new technology to broaden their membership and to grow lending and other financial services.

“The Credit Union (Amendment) Bill which is currently progressing through the Houses of the Oireachtas marks a significant step for Credit Unions across the country. This government’s aim is to introduce enabling legislation, such as allowing for member referral and the establishment of corporate Credit Unions, which will help future-proof the sector for the years ahead.

She continued, “I am currently considering amendments to this Bill which will take account of the feedback made by the various stakeholders which will directly benefit both Credit Unions and their members. I am very encouraged by the discussions I had in Limerick and I look forward to continuing these engagements throughout my time as Minister of State.”