Paschal Donohoe (Dublin Central, Fine Gael)
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This Government recognises the importance of credit unions. The Programme for Government contains commitments to:

- Review the policy framework within which credit unions operate;

- Enable and support the credit union movement to grow;

- Support credit unions in the expansion of services, to encourage community development; and

- Enable the credit union movement to grow as a key provider of community banking in the country.

With regard to fulfilling the commitments in the Programme for Government for credit unions, the Review of the Policy Framework has been completed.

Minister of State Sean Fleming recently met with all the credit union representative bodies on the proposals and they broadly support the proposals.

The policy proposals being progressed address five key objectives:

1. Improving member services

2. Supporting investment in collaboration

3. Supporting Governance

4. Recognition of the role of credit unions

5. Transparency of regulatory engagement

Cumulatively, the desired outcome of these objectives is to strengthen the role of credit unions as a provider of community banking and to further enable credit unions to focus on priorities that will better position the sector to face the challenges and opportunities of the future.

In developing these proposals Minister Fleming has met the Irish League of Credit Unions, the Credit Union Development Association, the Credit Union Managers Association, the National Supervisors Forum, the Registrar of Credit Unions, the Credit Union Advisory Committee, the CEO Forum, collaborative ventures and many individual credit unions.

In total as part of the Review process Minister Fleming has held over fifty stakeholder meetings with the credit union sector and considered well over one hundred proposals.

We will go to Cabinet shortly to seek approval to draft a Bill to implement the proposals.

Paschal Donohoe (Dublin Central, Fine Gael)
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This Government is committed to helping vulnerable borrowers and has proven this commitment through the enactment of the Consumer Protection (Regulator of Retail Credit and Credit Servicing Firms) Act and the Consumer Credit (Amendment) Act 2022.

These bills protect consumers and vulnerable borrowers by extending the consumer protection code to all providers of hire purchase and PCP agreements and placing a cap on interest rates moneylenders can apply respectively.

The purpose of the Personal MicroCredit (PMC) initiative is to encourage credit unions to provide small loans to the most vulnerable. Part of this initiative is the introduction of the It Makes Sense (IMS) Loan. IMS is a niche loan, open to those in receipt of social welfare payments and so will always be a very small part of the lending needs in a community.

As at end March 2022 there were 209 credit unions. Of these 190 are community credit unions that could offer the IMS loan. 101 credit unions are signed up to offer IMS loans. Including sub offices (180 branches) there are 281 locations offering IMS.

The Department of Finance does not have access to the full list of credit unions offering these loans however, when credit unions sign up to offer IMS loans they are given the option of appearing on a public list. The names and locations of 85 of the 101 participating credit unions are set out in the table below, which is also available at; www.creditunion.ie/it-makes-sense-loan/participating-credit-unions/.

Credit Union	County
St. Canice’s Credit Union	Carlow
Ballyconnell Credit Union	Cavan
Credit Union Plus	Cavan
Kilrush Credit Union	Clare
Bantry Credit Union	Cork
Clonakilty Credit Union	Cork
Douglas Credit Union	Cork
Farranree Credit Union	Cork
Glanmire & District Credit Union	Cork
Kanturk Credit Union	Cork
Kilmallock Credit Union	Cork
The Lough Credit Union	Cork
Youghal Credit Union	Cork
B & S Credit Union	Donegal
Ballyshannon & Killybegs Credit Union	Donegal
Sheephaven Credit Union	Donegal
Swilly Mulroy Credit Union	Donegal
ANSAC Credit Union	Dublin
Aughrim Street Credit Union	Dublin
Ballyfermot Inchicore Credit Union	Dublin
Blackrock Credit Union	Dublin
Capital Credit Union	Dublin
Core Credit Union	Dublin
Donore Credit Union	Dublin
Health Services Staffs Credit Union (HSSCU)	Dublin
Heritage Credit Union	Dublin
Larkhill & District Credit Union	Dublin
Lucan District Credit Union	Dublin
Malahide Credit Union	Dublin
Palmerstown Credit Union	Dublin
Phibsboro & District Credit Union	Dublin
Rowlagh Credit Union	Dublin
Tower Credit Union	Dublin
Gort Credit Union	Galway
Naomh Breandan Credit Union	Galway
St. Columba’s Credit Union	Galway
St. Jarlath’s Credit Union	Galway
Cara Credit Union	Kerry
Cois Sionna Desmond Credit Union	Kerry
Killarney Credit Union	Kerry
Celbridge District Credit Union	Kildare
Kildare Credit Union	Kildare
Monasterevan Credit Union	Kildare
Life Credit Union	Kildare
Castlecomer Credit Union	Kilkenny
Goresbridge Credit Union	Kilkenny
St Canice’s Credit Union	Kilkenny
Thomastown Credit Union	Kilkenny
Portarlington Credit Union	Laois
St Canice’s Credit Union	Laois
Ballinamore Credit Union	Leitrim
Drumshanbo Credit Union	Leitrim
Sligo Credit Union	Leitrim
Manorhamilton & District Credit Union	Leitrim
Bruff Credit Union	Limerick
Cois Sionna Desmond Credit Union	Limerick
Kilmallock Credit Union	Limerick
Tipperary Credit Union (Plassey & Doon Offices)	Limerick
Mulcair Credit Union	Limerick
St Ailbe’s Credit Union	Limerick
Lanesboro-Ballyleague Credit Union	Longford
Cooley Credit Union	Louth
Drogheda Credit Union	Louth
Termonfeckin Credit Union	Louth
St Coleman’s Credit Union	Mayo
Westport Credit Union	Mayo
Credit Union Plus	Meath
Drogheda Credit Union (East Meath & Trim offices)	Meath
Dunboyne and District Credit Union	Meath
Oldcastle Credit Union	Meath
Slane Credit Union	Meath
St. Colmcille's (Kells) Credit Union	Meath
Tara & District Credit Union	Meath
Boyle Credit Union	Roscommon
Castlerea & District Credit Union	Roscommon
Roscommon Credit Union	Roscommon
Ballymote & District Credit Union	Sligo
Tubbercurry & District Credit Union	Sligo
Sligo Credit Union	Sligo
Mulcair Credit Union	Tipperary
Tipperary Credit Union	Tipperary
St. Dominic Credit Union	Waterford
Tallow Area Credit Union	Waterford
Waterford Credit Union	Waterford
Youghal Credit Union (Ardmore Office)	Waterford
Credit Union Plus	Westmeath
New Ross Credit Union	Wexford
Wexford Credit Union	Wexford

Credit unions that do not offer IMS loans, serve the small loan market and vulnerable borrowers in their communities in other ways with many having local initiatives. Therefore participation in the scheme should not be used as the metric for evaluation in regards to how credit unions serve the vulnerable in the community.

In respect of increasing participation rates, this is proactively managed by seeking to continually ease the additional administration burden of accessing the household budget scheme for repayments and ongoing dialogue with credit unions to see if changes are needed or gaps exist in helping those more vulnerable borrowers.