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dawn.kennedy@cuda.ie

Jan 02 2025

Job Vacancy – Risk Analyst – Public Service Credit Union

By News

Risk Analyst
Public Service Credit Union is a modern, member-focused industrial credit union whose primary aim is to provide financial services that meet the needs of our growing membership. We operate from offices at Earlsfort Terrace, Dublin 2, Ringsend Road, Dublin 4 and Earl Place, Dublin 1. This is an excellent opportunity to join a leading and ambitious credit union.

Reports to: Risk & Regulatory Manager

Role Summary
The Risk Analyst will report to the Risk & Regulatory Manager and will be primarily responsible for assisting the Risk & Regulatory Manager with all aspects of the risk management function. The person will contribute strongly to the ongoing development of appropriate systems, procedures and practices at the credit union. The role also encompasses other administrative duties as outlined below.

Key Responsibilities
• Assist in the identification of risks across all areas of the credit union.
• Assist in the assessment and testing of the controls in the credit union.
• Identify the gaps in assessments and assist the Risk & Regulatory Team in implementing and improving controls in conjunction with the risk owners.
• Assist with reporting of the current state of risks in the credit union to:
Senior Management, the Audit & Risk Committee and the Board of Directors.
• Assist with the management and implementation of risk mitigation plans to address control deficiencies.
• Day to day management of the risk management software and maintenance of risk register.
• Liaising with all departments to identify department specific risks to ensure the risk register is kept up to date.
• Prepare and present risk assessments to the Risk & Regulatory Manager as required.
• Assist with risk training and ensure that all Staff, Directors and Volunteers of the credit union are receiving adequate risk training.
• Ensure that Key Risk Indicators are up to date and fit for purpose.
• Provide ongoing risk management advice to all officers of the credit union.

Other Administrative Duties:
• Carry out ad-hoc administrative tasks, as required.
• Undertake research and special projects as required.
• Assist in and provide backup for risk & compliance monitoring activities across all areas (including AML/CFT Monitoring).
• Ensure that effective records are maintained around testing activities.
• Help to gather data and produce monthly management and Board reports.

The successful candidate should have the following:
• Qualifications relevant to the role and/or a commitment to complete further studies appropriate to the needs of the position.
• Experience working in a risk function in the financial services industry or experience working in a Credit Union function and looking to upskill.
• Excellent administrative, organisational, and support skills and the ability to prioritise issues and escalate accordingly.
• High level of accuracy and attention to detail, ability to work on own initiative.
• Excellent communication and interpersonal skills with a strong member focus.

How to Apply:
The complete role description for the position can be downloaded by visiting: https://www.pscu.ie/services/recruitment
• Applications should include a cover letter and CV and can be sent as follows:
o By Email: recruitment@pscu.ie, or
o By hard copy, marked for the attention of Paul Ryan, CEO, Public Service Credit Union Limited, St Stephen’s Green House, Earlsfort Terrace, Dublin 2.

• Closing date for applications: 5pm, Monday 20th January 2025.
• To access the credit union privacy notice, please visit: https://www.pscu.ie/privacy-policy

Public Service Credit Union Limited is an Equal Opportunities Employer.
Canvassing will disqualify.
Public Service Credit Union Limited is regulated by the Central Bank of Ireland.

Dec 31 2024

New rules will allow all credit unions to make mortgage offer

By News

Landmark regulatory changes coming in during 2025 will mean every credit union in the country will be able to offer mortgages, business loans, current accounts and debit cards.

The changes are coming about due to the enactment of the Credit Union (Amendment) Act 2023, a piece of legislation that is set to transform the sector, according to Helen Carbery, the new chief executive of the Credit Union Development Association (CUDA), a representative body for the lenders.

She said: “We are at a landmark moment in the evolution of the role and value of the credit union sector in Ireland.”

The regulatory changes for credit unions coming in under the Credit Union (Amendment) Act 2023 was one of the most important pieces of credit union legislation to ever be developed, she said.

It will transform the whole credit union landscape, she added.

“It is thanks to this new legislation that for the first time ever, all credit unions will be able to offer a service or product such as a mortgage to a member of another credit union, under a formal arrangement with that other credit union.”

This effectively means that every credit union in the country will be able to offer mortgages, business loans, current accounts and debit cards.

Ms Carbery said smaller credit unions will be able to offer these services by essentially partnering with other credit unions or through credit union shared organisations.

“Importantly, the legislation enables credit unions to maintain their independence and uniqueness while they partner with others to provide the services needed by their members,” she said.

The act also modernises governance structures and reduces operational burdens on volunteer boards to enable credit unions to play a more active role in areas such as housing, SME lending, and environmental sustainability. The Credit Union (Amendment) Act 2023 also introduces the concept of the corporate credit union.

Often described as a central credit union or “a credit union for credit unions”, a corporate credit union would support collaboration between credit unions, and enable them to better manage their resources and expand their lending capabilities, she said.

Ireland is not alone in grappling with how to regulate a diverse credit union sector. In countries such as Canada and Australia, regulatory systems have successfully enabled credit unions to thrive while ensuring appropriate oversight, Ms Carbery said.

The next phase of the implementation of the Credit Union (Amendment) Act 2023 includes the drafting of new regulations for the development and operation of a corporate credit union by the Central Bank of Ireland.

This will be done in consultation with the credit union sector.

“This is a very exciting development in the year ahead as it could pave the way for credit unions to gain greater access to funding and more opportunities to expand their offerings.”

Ms Carbery has just taken over as head of CUDA following the retirement of Dr Kevin Johnson from the role.

In her recent speech at the Credit Union Annual Conference in Killarney, the outgoing deputy governor of the Central Bank, Sharon Donnery, said the focus should allow it to seize the opportunities that the various credit union regulations have presented.

Ms Donnery said that since 2014, the number of credit unions overall has halved and the number of large credit union has more than doubled. Total assets in the sector have grown by 50pc from €14bn in 2014 to just over €21bn in 2024.

She said credit union reserves have strengthened over the last decade and total loans have grown by 73pc in the same period.

Ms Carbery said to increase their loan book, the credit sector is focused on how to remain relevant to their communities with useful and attractive offerings.

Dec 11 2024

CUDA Comments on the Central Bank of Ireland’s Public Consultation on Proposed Lending Limit Changes

By News

Commenting on the Central Bank of Ireland’s public consultation regarding significant changes to lending limits and underwriting requirements following the enactment of the Credit Union (Amendment) Act 2023, Kevin Johnson, CEO of the Credit Union Development Association (CUDA), said:

“we are pleased that this modernising of the lending framework regulations for credit unions is in line with our request submitted to the Central Bank of Ireland in February ’24.

The Credit Union (Amendment) Act 2023 was designed to give credit unions greater flexibility, enabling them to engage in loan participation and syndication, which allows lending risks to be shared among credit unions. The combination of the legislation and these proposed regulatory changes mark a major step forward for the sector, empowering credit unions to enhance their offerings in both the mortgage and business lending markets. A significant move towards our vision where everyone in Ireland will have access to all Credit Union services​.

Credit unions have already begun to account for a growing share of mortgage switches. With these enhanced lending limits, more credit unions will be attracted to helping members finance their home purchase and collectively the sector is  poised to more than triple their current mortgage loan books to over €2 billion in the coming years, further establishing themselves as strong contenders in the Irish mortgage market.

In 2017, the average credit union mortgage was approximately €110,000. Today, that figure has risen to over €200,000, though it remains below the banking sector average, which exceeds €300,000. Credit unions cater to a broader range of applicants, as reflected in the average household income of their mortgage holders, which is around €75,000—significantly lower than the €100,000 average for bank mortgage customers.

Business lending has also seen considerable growth across the sector, supported by the recruitment of specialists in this area. These enhanced lending limits and positive adjustments to underwriting requirements will enable credit unions to compete more intensively for business loans within their local communities.

Under the new legislation, credit unions will also be permitted to collaborate with one another to offer services such as home loans to members of other credit unions. For the first time, credit unions will have the ability to refer mortgage or business loan applications to other credit unions when they are unable to provide the loan themselves. This effectively means that every credit union in the country will be able to offer mortgages—a significant milestone for the sector.

The appetite for credit union mortgages continues to grow among the public, reflecting a clear demand for alternatives to traditional banks. Credit unions are stepping up to meet this demand by upskilling, modernising their offerings, and bringing much-needed competition to the market. For several years, regulators have encouraged credit unions to expand their lending, and the sector’s efforts are now bearing fruit.

The success of credit union mortgage lending was recently acknowledged by Sharon Donnery, Deputy Governor of the Central Bank of Ireland, who stated: ‘Over the years since these lending regulations were introduced, I am happy to say that our supervisory experience tells us that many credit unions in the sector have built this capacity, and they have prudently engaged in business and mortgage lending. 11% of Credit Union loan books are now in mortgages.’

Credit unions are uniquely positioned to drive competition and provide real alternatives in Ireland’s financial services market. These proposed changes will help credit unions continue their phenomenal growth in lending, further cementing their role as key players in the Irish financial landscape.”

ENDS

 

Nov 21 2024

CUDA Urges Political Parties to Abolish DIRT on Savings Below €10,000 to Promote Financial Resilience

By News

As Ireland approaches the general election on November 29th, 2024, the Credit Union Development Association (CUDA) is calling on political parties to commit to abolishing Deposit Interest Retention Tax (DIRT) on all savings below €10,000. CUDA argues that this change would encourage a culture of saving, particularly among low- and middle-income households, and align with government goals of promoting financial responsibility and reducing reliance on debt.

Speaking ahead of the election, Kevin Johnson, CEO of CUDA, said:
“Removing DIRT on modest savings balances is a simple yet effective policy to incentivise saving and help people build financial resilience. For many low- and middle-income households, this could mean the difference between relying on high-cost credit during emergencies or having a financial safety net in place.”

Encouraging a Savings Culture

Credit unions, which play a vital role in fostering financial responsibility, offer competitive savings rates that already benefit communities across Ireland. And while there has been much talk about the savings offerings from some overseas providers, many Irish credit unions offer strong rates on deposit savings..  Dividend payments are also on the increase with many credit unions expected to declare higher rates at their AGMs in December and January.

Removing DIRT on savings below €10,000 would amplify these benefits, particularly for low- and middle-income earners.

CUDA estimates the cost to the Exchequer to abolish DIRT on modest savings would be approximately €18 million annually, based on current deposit levels. However, this cost would be outweighed by the societal benefits of a stronger savings culture, reduced reliance on state supports during financial crises, and the promotion of long-term financial stability for households.

A National Need for Financial Resilience

As interest rates have risen, Irish savers are finally beginning to see better returns on their deposits. However, the 33% DIRT tax disproportionately impacts those with smaller savings, making it harder for them to accumulate wealth or build financial security.

“Low- and middle-income savers are penalised for their prudence under the current system and we are very cognisant of the high number of people who do not have an emergency or ‘rainy day’ fund,” said Johnson.
“By abolishing DIRT on savings below €10,000, the government can help these households build financial stability while encouraging others to begin saving. It’s a practical solution that supports the national goal of fostering financial responsibility and reducing reliance on debt.”

A Broader Economic Impact

CUDA’s proposal aligns with ongoing efforts to boost financial literacy and savings habits nationwide. Recent government data highlights a rise in savers benefiting from energy efficiency grants and other schemes, underscoring the public’s willingness to save when incentivised.

Additionally, as credit unions continue to provide competitive deposit offerings, abolishing DIRT would help them play an even greater role in supporting their members’ financial wellbeing. This initiative would not only assist individual households but also contribute to Ireland’s broader economic resilience.

A Call to Action for Political Parties

CUDA is urging all political parties to prioritise the abolition of DIRT on savings below €10,000 as part of their election manifestos and commit to its implementation in the next Dáil.

Kevin Johnson concluded:
“The benefits of this proposal are clear. It would encourage prudent financial behaviour, reduce reliance on debt, and promote economic resilience, particularly for those on low and middle incomes. As we approach the general election, we hope all political parties will recognise the value of this initiative and support its inclusion in their plans for government.”

 

A full copy of the CUDA General Election Manifesto is available here.

ENDS

Notes to Editors:

  • Deposit Interest Retention Tax (DIRT) is currently charged at a rate of 33% on all interest earned on deposits.
  • Credit Union Development Association (CUDA) represents progressive credit unions across Ireland, supporting them with a strong voice, leadership, and practical solutions that enhance their strategic and operational capabilities.

 

Nov 20 2024

Credit Unions Welcome Deputy Governor’s Positive Remarks and Anticipate Upcoming Regulatory Changes

By News

CUDA warmly welcomes the positive comments made by Deputy Governor Sharon Donnery in her recent speech, “Evolving with the times, credit unions in a changing landscape.” Her recognition of the significant progress made by credit unions over the past decade, particularly in terms of asset growth, diversification of services, and strengthened governance, is greatly appreciated.

Reflecting on the speech, Kevin Johnson, CEO CUDA stated “We would like to extend our thanks to the CBI Deputy Governor Sharon Donnery for acknowledging that “many credit unions in the sector have built this capacity, and they have prudently engaged in business and mortgage lending.”

This recognition is a testament to the hard work and dedication of credit unions. He added “we firmly believe that the existence of the SAM platform for mortgages and business lending, along with their related support services, has played a significant role in this achievement. The SAM platform has provided the necessary tools and resources to help credit unions expand their lending capabilities and better serve their members.”

“We are particularly encouraged by the Deputy Governor’s announcement of planned changes to the concentration limits and underwriting requirements. These changes, aimed at enabling increased lending activity, represent a significant opportunity for credit unions to further support their members and communities.”

The proposed regulatory adjustments will be subject to a public consultation in early December. CUDA looks forward to actively participating in this consultation process and making a comprehensive submission on behalf of our member credit unions. Our goal is to ensure that the final regulations support the sustainable growth and development of the sector, allowing credit unions to better serve our members’ needs.

We thank Deputy Governor Donnery for her continued support and wish her every success in her new role at the ECB, and we look forward to working closely with the team in the Registry of Credit Unions to implement these important changes.

Oct 24 2024

Helen Carbery Appointed CEO of Credit Union Development Association (CUDA)

By News

The Credit Union Development Association (CUDA) has today announced the appointment of Helen Carbery as its new Chief Executive Officer. Helen steps into the role following the decision of Dr. Kevin Johnson, who led the organisation as CEO for 16 years, to retire from CUDA.

Helen Carbery brings a wealth of experience and leadership to CUDA, having worked in financial services for over two decades. Her extensive expertise spans retail banking, capital markets, insurance, and wealth management. Throughout her career, she has held numerous executive roles – most notably in AIB where she led large business, product, lending and change teams in a highly regulated environment.

Reflecting on her appointment, Helen expressed her enthusiasm for building on the significant strategic and legislative progress CUDA has delivered for the sector in recent years.

Helen’s vision for the future includes a society where everyone in Ireland has access to expanded credit union services to support their lives. The protection of the unique role of credit unions in their communities will be a key priority for Helen in her new role. She is committed to continuing to develop CUDA’s leadership, effectiveness and influence.

Commenting on her appointment, Helen said:

“I am honoured to take on this role and build upon the strong foundation laid by CUDA and their many successes to date. My focus will be on continuing the important work of CUDA, prioritising the needs of members and communities advocating for the credit union sector, driving innovation, and ensuring that we provide strong leadership and development opportunities. I look forward to working with the CUDA team and its members as we navigate the challenges and opportunities ahead.”

Sean Murray, Chairperson of CUDA’s Management Committee welcomed the appointment,

“We are delighted to welcome Helen Carbery as our new CEO. Helen’s exceptional track record in financial services, combined with her leadership experience, makes her the ideal person to guide CUDA into the future. We look forward to working with her as we continue to support the credit union sector and drive positive change.”

“Helen succeeds Kevin Johnson, who leaves a strong legacy after 16 years as CEO. We thank Kevin for his contribution and wish him well in his future endeavours. We are confident that Helen’s leadership will continue to advance our mission of supporting the growth and success of credit unions across Ireland”.

Ends

Note to the editor

 

Helen Carbery Bio

Helen’s recent professional experience includes serving as a business consultant with Davy as well as her accomplished career in executive roles at AIB, where she managed product and lending portfolios and undertook strategic business design, investor deal structuring, credit analysis, and capital market transactions.

Helen has consistently demonstrated a people-centric approach to driving team innovation and development, with a focus on fostering a strong risk and ethical culture.

In addition to her commercial and strategic leadership experience, Helen is professionally qualified across multiple disciplines. She is a Chartered Accountant, Qualified Tax Consultant, and holds a QFA (Qualified Financial Advisor) certification from the Institute of Bankers. More recently, she also earned a Diploma in Company Direction from the Institute of Directors and a Professional Certificate in Responsible & Sustainable Finance.

Helen has served in various governance roles, including as Chair of AIB Insurance Services, a PCF (Pre-Approval Controlled Function) role approved by the Central Bank of Ireland (CBI). She is also a volunteer non-executive director on the YMCA Board (youth services charity) and currently chairs its development sub-committee.

CUDA, the Credit Union Development Association, was legally incorporated in 2003. In its early days, it acted as the representative voice for owner member Credit Unions, with legislators and regulators. The organisation has since evolved and in addition to providing a ‘strong voice’, has become increasingly engaged in providing support facilities in the areas of regulatory compliance, shared services and competency development.

CUDA is a credit union-owned network of 50 member credit unions that enables them to engage in beneficial activities which would not have proved possible to do as single stand-alone entities.

Sep 19 2024

20% Increase in Consumers using Credit Union Services

By News

Following the publication by the  Department of Finance of the Consumer Sentiment Banking Survey Report today, Kevin Johnson, CUDA CEO said “We are delighted to see a 20% increase in the number of consumers using the services of credit unions (up from 30% in 2023 to 36% in 2024). With the widespread rollout of digital services across the sector and the increase of new products from current accounts to mortgage and business loans, this significant increase in consumers accessing our services isn’t that surprising.  

Furthermore, given the changes in the pipeline, we expect the numbers using credit unions to increase even more. This autumn for example will see Irish credit unions become an even stronger contender in the Irish mortgage market. Thanks to legislative changes signed last February, in the last three months of this year, every credit union in the country will be able to offer mortgages as credit unions will be able to refer mortgage applications to other credit unions should they not be in a position to provide a mortgage themselves. As this will be the first time ever that credit unions will be able to do so, this will be a watershed moment for credit unions and one that will see them eat into more of the banks’ market share in the coming years.   

Credit unions will also be able to refer applications for other products to another credit union – such as business loans, current accounts and debit cards. Credit unions will essentially be able to partner with other credit unions to offer their members a wider selection of products. 

Ultimately, it will be consumers who will be winners if credit unions can eat into more of the banks’ mortgage pie – and indeed if more credit unions are used by consumers for their day-to-day financial services. Credit unions are member-owned financial institutions, so each credit union is essentially owned by consumers, with consumers at the heart of the decisions made by these organisations. This is one of the reasons credit unions can be relied on to provide affordable financial services to their members, with any surpluses reinvested to benefit their members.”

Kevin Johnson, CEO of the Credit Union Development Association (CUDA)

Jul 12 2024

Chief Executive Officer, Credit Union Development Association (CUDA)

By Uncategorized

 

Incorporated in 2003, CUDA is a forward-looking development association representing and serving 50 progressive Credit Unions in Ireland with a strong voice, leadership and the provision of value-creating solutions.  CUDA plays a significant role in advocacy and policy development for its membership, and for the sector overall.  In addition, CUDA solutions and services enhance the strategic effectiveness and operational capabilities of member Credit Unions.  CUDA’s experienced team operates with a sense of purpose and a clear vision to improve the financial, social and environmental well-being of credit union members and of the communities they serve.

For further information on CUDA, please visit:  Credit Union Development Association (CUDA)

The Role

This is an exciting opportunity for a proven, inspiring leader to contribute to CUDA’s next phase of development and change.  Reporting to the Management Committee, the CEO will provide vision, strategic leadership and effective management across all functions of CUDA to ensure it achieves its overall aims and purpose regarding advocacy & policy development and the provision of business solutions to its members.  Working at all times to the highest level of governance and integrity, the CEO will engage strategically with senior decision-makers and stakeholders, including Government Departments and the Central Bank, to ensure that the evolving needs of member Credit Unions are addressed.  This position will require significant networking and involvement in the public domain and on national media, regarding a diversity of matters within the sphere of influence and of relevance to CUDA.

The Person

This position requires an inspirational and dynamic leader with an outstanding track record of achievement within a relevant organisation.  With a comprehensive understanding of the opportunities and challenges within the Credit Union sector, the appointed person will have the capacity and commitment to build on CUDA’s achievements to date.  They will oversee the continued development and implementation of CUDA’s Strategy through a dynamic working relationship with the Management Committee of CUDA, the National Council, member Credit Unions, the CUDA Team and all other relevant stakeholders.  Possessing a relevant degree or other professional qualification, the appointed candidate will have exceptional stakeholder management abilities in addition to exemplary interpersonal and communication skills.

To apply, please email a CV and supporting letter to: Luke.Freeley@Lansdownesearch.ie

Closing date for receipt of applications is 12:00 Noon on Thursday, August 15th, 2024.

For a confidential discussion, please contact Luke Freeley, Partner, Lansdowne Executive Search, at +353 (0)87 240 4889.

Candidates for this role will be sourced through both advertising and executive search processes.

In line with its Diversity, Equality and Inclusion policy, CUDA is seeking a balanced pool of candidates.

May 28 2024

CUDA welcomes the publication of the ICURN report

By News

CUDA welcomes the publication of this awaited ICURN peer review report. It contains several key recommendations which the Regulators Network believes will improve the effectiveness of compliance within credit unions. We note that the report considers the financial performance of credit unions up to year-end 2022, and therefore does not have the benefit of the improvements achieved in 2023.

From our initial read of the report, we welcome suggestions calling for the CBI to update aspects of the Credit Union Handbook related to operational risk, fraud reporting requirements, and increase engagement with credit union boards and staff on risk management practices.

We particularly welcome the suggestion for further development of the Regulatory Framework to accommodate the growing diversification of credit union business lines, provided credit unions demonstrate the necessary capability and competence. This involves acknowledging and supporting the expanding roles and services offered by credit unions while ensuring they remain within a safe and sound operational framework.

The report notes that the CBI “remain of the view that there is no rationale to change to a risk weighted approach” for determination of capital which is disappointing and this ties up excessive capital. That said we look forward to working with the CBI on their ongoing lending framework review and the associated liquidity regulations. CUDA maintains that a ‘One size fits all’ regulation approach damages both large and small Credit Unions, a new model is required for the sector to sustain and achieve its full potential.

Apr 08 2024

CUDA comments on CBI Financial Conditions of Credit Unions Report

By News

Commenting on the ‘Financial Conditions of Credit Unions’ report, published by the Central Bank this morning, Kevin Johnson, CEO of CUDA (Credit Union Development Association) said “This morning’s report shows that lending is strong across the credit union sector, with a 12pc increase in loans for the financial year ended 30 September 2023. Loan growth has continued into 2024 and this is reflective of the huge demand for credit union loans and the increased ability of credit unions to meet this demand across multiple channels. Furthermore, thanks to legislative changes signed last February, we expect the scale of credit union lending to significantly increase in the coming months and years – because from September 2024, for the first time, credit unions will be able to offer a service or product such as a home loan to a member of another credit union – under a formal arrangement with that other credit union. For householders and aspiring homeowners, this means there will be greater access to fairer mortgages as credit unions will be able to refer mortgage applications to other credit unions should they not be in a position to provide a mortgage themselves. This effectively means that every credit union in the country will be able to offer mortgages. As a result of these changes, CUDA contends that total new credit union mortgage lending could reach €1 billion per annum by 2027, which could put credit unions in the top five mortgage lenders.

Furthermore, the Credit Union Regulatory Lending Framework review is ongoing in the Central Bank at present and is due to be published by the end of June. On foot of this review, we would hope going forward that further changes will be implemented which will permit credit unions to lend more.

While after falling to a seven-year low the last time this report was published[1], the slight increase in arrears captured in this morning’s report is a sombre reminder of the pressure that the increased cost of living has brought on people. Credit unions are very cognisant of this and continue to remain supportive of anyone who is experiencing difficulties.  We believe the low increase is testament to the competitive interest rates available from credit unions as well as the work that credit unions do with any customers who may run into difficulties repaying their loans.

This morning’s report also shows that there’s been an increase in reserves across the sector, with all credit unions reporting regulatory reserves that are comfortably above the required regulatory minimum. This is evidence of prudent financial management by credit unions – which in turn underpins member confidence and enables credit unions to expand on their service offerings and continue to win more of the mortgage and lending pie from the Irish banks and non-banks alike.”

 

ENDS

 

[1] As per Financial Stability Report for financial year to 30 September 2022, published in March 2023