Minister meets with Mayo credit unions

THE Minister for Financial Services, Credit Unions and Insurance, Jennifer Carroll MacNeill, has met with voluntary board members and the CEOs of credit unions from across Mayo at a roundtable discussion in Castlebar hosted by Anne King and her team at First Choice Credit Union.

First Choice Credit Union has reached over 35,000 members and continues to grow at a fast pace. However, the total number of credit union members in the whole of Mayo is closer to 100,000 members.

Credit unions are currently lending over €120m. to members across the county.

Minister Carroll MacNeill met with representatives from five other credit unions - St. Colman’s Credit Union from Claremorris, Kiltimagh & District Credit Union, Westport Credit Union, Erris (Belmullet) Credit Union and Ballina Credit Union - as part of a proactive nationwide campaign of meetings she is having with the credit union sector.

The stakeholders outlined to her some challenges as well as the exciting opportunities for credit unions, with many introducing new and compelling product offerings such as current accounts, mortgages, SME and green loans.

The Credit Union (Amendment) Bill, which was introduced to the Dáil in March, marks a significant step forward in securing a viable future 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 future-proof the sector for the years ahead.

Speaking after the meeting, Anne King commented: “Mayo Credit Union representatives are extremely pleased with the engagement we had with the minister and to be able to raise topics which are key to the continued development and success of credit unions across the county. The credit union is about offering a suite of products and services that have a very positive impact for our members and the wider community.”

Said Minister Carroll MacNeill: “Credit unions have a long and proud tradition in Mayo and I was delighted to meet with volunteer directors, management and staff involved with this roundtable event. I sincerely thank First Choice Credit Union for arranging this engagement with those who provide innovative financial services to almost 100,000 people across the county.

“Credit unions are at the heart of communities in providing new and compelling products offerings such as current accounts, digital payments, SME and agri-loans. I have seen first-hand how the local credit unions here in Mayo are best supporting their local communities and local voluntary organisations.”

She added: “It is great to meet Kiltimagh Credit Union where my grandad was a member.”