Credit Unions are the most valuable asset in Irish society: Minister Seán Fleming

Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Seán Fleming TD spoke at the Irish League of Credit Union Conference and AGM 2022 in Belfast on Saturday 23rd April. The title and theme of this year’s conference is “Lead, Develop, Inspire”.

Minister Fleming noted the long tradition and history of the Irish League of Credit Unions (ILCU) north and south. The Minister welcomed the focus of their Transformation Plan to increase lending. The Minister noted the ILCU’s leadership role in delivering the required business model change for the sector.

The Minister noted that the Programme for Government’s commitment to review the policy framework has completed and summarised the objectives of the review and the emerging proposals. The legislative amendments required to implement the proposals will go to Cabinet for approval shortly.

In particular, the Minister urged further collaboration between credit unions to deliver a wider range of products and services and to grow their lending. The Minister emphasised that credit unions must seize the opportunity arising from the departure of Ulster Bank and KBC and the closure of many bank branches.

In conclusion, the Minister said, “I believe the credit union sector is one of our society’s most prized possessions. The local credit union and the role it can play in the economy and in communities is more important now than ever before. If the credit union sector is to grow and become the movement it has the potential to become more needs to be done by all stakeholders to embrace business model change and increase lending and collaboration. The League has a leadership role in providing your members, many of whom are here today, with commercially-minded support to enable and implement the required business model change.”

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