Cian O'Callaghan (Dublin Bay North, Social Democrats)
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289. To ask the Minister for Finance the timeline for the drafting of a five-year strategy for the credit union sector, as outlined in the Programme for Government; and if he will make a statement on the matter. [33535/25]

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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290. To ask the Minister for Finance the likely contents of the five-year strategy for the credit union sector, as outlined in the Programme for Government; and if he will make a statement on the matter. [33536/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 289 and 290 together.

The Programme for Government has included a commitment to draft a five-year strategy for the credit union sector. I and the Minister of State intend to co-sponsor a workplan with the credit union sector to determine its Strategic Purpose and Framework. I have instructed my officials to draft a member focussed plan that will be inclusive and owned by the sector.

My officials are actively engaged in developing a programme plan, in conjunction with the sector. I expect that in the short term both I and the Minister for State will have the opportunity to consider this plan and the estimated timelines to delivery of the strategic purpose and strategy framework for the sector.

A sector wide strategic plan and a focused deployment of credit union resources will support the expansion of financial services to all credit union members.

Cian O'Callaghan (Dublin Bay North, Social Democrats)
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291. To ask the Minister for Finance the timeline for the commencement of the regulations increasing credit union lending capacity; and if he will make a statement on the matter. [33537/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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I thank the Deputy for his question.

The Central Bank published Consultation Paper 159 on Proposed Changes to the Credit Union Lending Regulations (www.centralbank.ie/publication/consultation-papers/cp159-consultation-on-proposed-changes-to-the-credit-union-lending-regulations) (CP159) in December 2024 which sought views on proposals for targeted changes to the credit union lending regulations contained in the Credit Union Act 1997 (Regulatory Requirements) Regulations 2016 (the 2016 Regulations). This consultation was open for submissions until 11 February 2025.

The Central Bank has advised that in accordance with the requirement under section 84A of the Credit Union Act, 1997 it intends to commence a statutory consultation process on the relevant draft Amending Regulations with the Minister for Finance, the Credit Union Advisory Committee and credit union bodies shortly.

Following completion of the statutory consultation process, the Central Bank intends to publish a feedback statement on CP159 and a draft of the Amending Regulations.

On the assumption that there are no material issues/ changes raised during the statutory consultation process, the Central Bank expects that the final Amending Regulations, when made, will come into effect during Q3 this year.