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Central Bank of Ireland

CUDA Congratulates New Registrar of Credit Unions on her Appointment

By News

The Central Bank of Ireland has today announced the appointment of Elaine Byrne as the new Registrar of Credit Unions (CBI press release available here.)

CUDA CEO, Kevin Johnson stated ‘We have had the pleasure of working with Elaine in her role as Deputy Registrar for the past 16 years.  In congratulating Elaine on her appointment we very much look forward to a constructive and positive engagement with her and her team.  Elaine takes on the important role of Registrar at an incredibly busy time for credit union regulation, an agenda that includes implementation of the outcomes from the Credit Union Policy Review, role of CUs in the Consumer Protection Code review, impacts of the Individual Accountability Framework, business development initiatives, role of credit unions in the Retail Banking Review, various EU / EBA directives as well as our ongoing work on capital and liquidity requirements for credit unions.

 

Central Bank of Ireland’s Update on Financial Condition of the Credit Union Sector

By News

The Central Bank today (14 December) published its eighth edition of the Financial Conditions of Credit Unions Report. The report provides an update on the financial performance and position of credit unions, to inform credit unions and provide input for boards as they undertake their own strategic analysis and decision-making.

Commenting on the Central Bank of Ireland’s update on the financial condition of the Credit Union sector, Kevin Johnson CEO of CUDA (Credit Union Development Association), stated

“As seen in the report credit unions have the funds and the market reach, and we are delighted to see the breadth of services now available from many of them. The credit union movement could play a more active role, within their respective communities, in supporting housing association ownership, home ownership and retrofitting through sustainable and prudent lending, particularly as banks continue to reduce their presence in local towns and villages across the country. While credit unions have invested heavily in their digital capabilities in recent years to meet the convenience needs of many consumers, they have not abandoned those, of all ages, that prefer the face-to-face customer experience, whether it’s a simply transaction or a complex query.

The sector can only achieve its potential though continuing with their business model change, and this has to be enabled by an appropriate legislative and regulatory framework. Given the right structure, this could increase from current level of €5.25bn to €10.5bn.  We are constructively engaged in the Government Policy Review process and look forward to amended legislation that will enable all credit unions and their members prosper.”