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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.

Apr 02 2024

Credit Union Report Strong Mortgage Performance as borrowers seek out better deals

By News

CUDA supported credit unions on track to provide €150m of new mortgage offers this year – the credit union sector will exceed €250m

  • Average mortgage amount is €185,400
  • Average interest rate is 3.72%
  • Credit union mortgage lending should reach €1bn per annum by 2027

Credit unions on CUDA’s Mortgage Support Platform, SAM which the majority of mortgage approvals in the credit union sector, are on track to provide €150m or more of mortgage offers this financial year with the – a remarkable 18-fold increase in mortgage activity in just six years.

Total mortgage lending on the platform – a framework which allows credit unions to offer residential mortgages – already exceeded €70m in the first half of the current financial year for credit unions which commenced on the 1st Oct and will easily exceed €150m for the full year. This is up from €8.1m in 2018. An incredibly strong performance according to the platform’s half yearly results[1], which have just been published.

Other highlights of the results show that:

  • The average mortgage amount has almost doubled since 2018, increasing from €108,835 in 2018 to €185,474 in 2023 on an average property value of €341,700
  • The average mortgage term has increased from 18 years in 2018 to 23 years in 2023
  • Average interest rate is 3.72%

35% of borrowers are individuals with the remaining 65% couples

The SAM mortgage platform is a wholly credit union owned service which supports credit unions in achieving significant levels of mortgage lending. Currently, more than 25 credit unions are now providing mortgages through the platform and this is constantly growing.

Commenting on the new figures, Kevin Johnson, CEO of CUDA said:

“The phenomenal growth in lending is driven by an increased appetite for credit union mortgages as well as the increased ability of credit unions to provide mortgages. The demand from Members is clear, they want an alternative to the banks and Credit Unions are stepping up. For several years now Regulators have encouraged credit unions to grow their lending and it is testament to the dedication of credit unions to upskill and bring much needed competition to the market. As the figures show they are doing this in a prudent manner and growth in loans is reflective of their growth in capability.  Legislators have also encouraged credit unions to increase their lending and arising from the  legislative changes signed last February, in the last quarter of this year credit unions will be permitted 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. This effectively means that every credit union in the Country will be able to offer mortgages.

Experienced credit unions in this space are evolving from niche players to full participants in the mortgage market.  Today’s figures are indicative of the evolving confidence and risk appetite of credit unions as they gain more experience in providing mortgages.

The numbers reflect this very fluid and developing market for Credit Unions. The last financial year was the first full year in which SAM credit unions have offered fixed rate mortgages, and they have quickly taken root representing almost one quarter of total mortgage lending on the platform. And though green mortgages accounted for 6.5pc of total mortgage offers, this product is only emerging and currently only available from three credit unions on the platform, for those credit unions green mortgages account for 35% of their total mortgage lending”.

CUDA contend that as a result of the new legislative changes, we believe that total new credit union mortgage lending could reach €1bn per annum by 2027 which could put credit unions in the top five mortgage lenders.

Mr. Johnson concluded,

“There is already strong demand for credit union mortgages. With the support of CUDA’s Mortgage Platform, with more supports coming available in the near future and indeed even with every credit union in the country effectively being able to offer mortgages, we hope this will encourage the Central Bank of Ireland to extend the boundaries and facilitate credit unions provide even more home loans. Credit unions are trusted by consumers – in 2023, they topped the table for the best customer experience (the CX Customer Experience report) in Ireland for nine years running. Furthermore, credit union lending rates are particularly competitive as they are not impacted by elevated ECB rates. While the banks hold the lion’s share of mortgage lending in Ireland, with total mortgage lending for the banking sector reaching almost €11.4bn in 2022, credit unions have become and will continue to be a strong contender in the Irish mortgage market and are on track to win more of this mortgage pie from the banks in the coming years.”

ENDS

 

Notes to editor

SAM

SAM (System for Application Management) is a best practice framework for credit unions to offer consumer mortgages. As a wholly credit union owned service, the purpose of SAM remains to support credit unions in achieving significant levels of mortgage lending, delivered at a price point that will not erode their financial performance on a low margin product line.

SAM provides credit unions with optimised processes from application to assessment, documentation and a workflow management system that ensures a consistent approach and compliance with ESIS, MARP and other requirements.

SAM includes training and service support, access to CUDA’s legal and compliance services, and the option for external file assessment by an industry expert at discount rates.

Excellent member experience is ensured via streamlined processes, competitive rates and the personal approach which has made credit unions the most trusted brand in Ireland for many years running.

SAM was originally launched in 2017 and was upgraded in 2021. For more details, visit www.solutioncentre.ie.

[1] For the months Oct 1, 2023 to March 31, 2024

Mar 25 2024

CUDA Comments on CBI Financial Stability Note on the Consumer Credit Market

By News

The Central Bank today published their Financial Stability Note on the Consumer Credit Market, which provides some very interesting insights to the non-mortgage consumer credit market in Ireland.

Commenting on the overview report, Kevin Johnson, CEO of the Credit Union Development Association (CUDA) stated

“This morning’s report shows that credit unions collectively are the main lender for personal loan products. This is not a surprise to us – lending is strong across the credit union sector, particularly for home improvements and car loans. Credit union lending rates are particularly competitive as they are not impacted by elevated ECB rates. Credit unions are also very must trusted by consumers – in 2023, they topped the table for the best customer experience (the CX Customer Experience report) in Ireland for nine years running.

It is interesting that this morning’s Financial Stability Note from the Central Bank shows that demand for consumer credit has remained strong, despite the ECB starting to raise interest rates in 2022. The report also shows that the pass through of interest rate increases to new consumer loan rates has been more muted in Ireland than elsewhere in the euro area and we believe that the predominance of credit unions in the personal loan market is one of the main reasons for this.

This morning’s Note shows that the non-mortgage consumer credit market is a significant one, representing over one-tenth (12pc) of all household credit in Ireland.

It’s not surprising to us that one-third of consumer credit drawn down between 2020 and 2023 was to finance motor vehicles, and a further one-third was for home improvements. We would urge consumers however to be careful in their choice of motor finance. In our experience, the most popular car financing option is a personal loan from a bank or credit union. Personal Contract Plans (PCPs), a type of car finance available largely from car dealers, have also become popular in recent years. We would always advise consumers that their best option for car finance will depend on their own circumstances, but they should remember that under PCP or hire purchase agreements, they do not own the vehicle until they have made their final loan payment. This however is not the case with personal loans.

This morning’s note also finds that consumer credit loan arrears are declining at credit unions. This again we believe is testament to the competitive interest rates available from credit unions – and the work that credit unions do with any customers who may run into difficulties repaying their loans.”

 

ENDS

Feb 21 2024

Comment from Dr. Kevin Johnson, CEO of the Credit Union Development Association (CUDA), on key changes coming into force today February 21, 2024 as a result of enhancements to the Credit Union Act

By News

Credit unions processed approximately €200m in new mortgage lending in 2023. As a result of the legislative changes which came into force today, we anticipate this volume doubling each year for the next couple of years. We believe the credit union mortgage lending could reach €1bn per annum within 3 to 4 years which could put credit unions in the top 5 mortgage lenders.

For the first time, credit unions can now 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.

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

This new collaboration on lending could generate an additional €2.2bn in lending each year for credit unions.

Credit union members will have more access to digital and automated services as a result of the enhancements to the Credit Union Act. This increased digitalisation will generate cost savings for credit unions in a number of areas. For example, the ability to make credit union annual reports available online will save credit unions an estimated €75m a year in postage and printing costs (see Appendix). All of these cost savings will then be used to deliver even better and lower-cost products to our members.

In addition, increased digitalisation will make it easier for credit unions to sign up new business members, and lend to these businesses– in this regard, we estimate that digitalisation will boost business lending alone by €100m a year.

The changes that come into force today (February 21, 2024) are just the first of a suite of enhancements to the Credit Union Act in the pipeline. Other changes in the pipeline are the establishment of credit unions for credit unions (aka Corporate Credit Unions) and the ability of credit unions to invest in shared services – these will help credit unions provide maximum efficiency for their members by sharing costs and expertise. This in turn will enable credit unions to offer a wider range of lower-cost loans and other products to their members, as well as more favourable returns on savings.

ENDS

 

Appendix

 

 

 

 

Sep 05 2023

Bizfin – CUDA Credit Unions partner with Government in Ukraine Credit Guarantee Scheme

By News

Credit Unions support local businesses impacted by the economic consequences of the conflict in Ukraine by partnering with the Department of Enterprise, Trade and Employment (DETE) on the Ukraine Credit Guarantee Scheme

 

The Credit Union Development Association [CUDA], launched its Small Business Lending solution for credit unions to offer business loans to SMEs, ‘BizFin, Smart business finance, made simple’ in early 2021.

CUDA announced today that two of its large credit unions, Capital Credit Union and Credit Union Plus, with a combined membership of over 100,000, are now successfully partnering with Government in the low-cost Ukraine Credit Guarantee Scheme through BizFin. CUDA believes that credit unions will succeed in working with micro, small & medium sized businesses, adversely impacted by the conflict in Ukraine who are facing supply chain disruptions and increased input (including energy) costs.

Credit unions believe that SMEs have faced challenging trading conditions for over 3 years, which may have led to a sustained lack of investment, while necessary at the time, could have a detrimental impact on competitiveness.  The expectation is that as the economy gets back on its feet, lending should also grow.  Economic forecasts for the Irish economy remain positive [1]and lending will be required as part of SME’s capital investment strategy to fund expected growth.

The clear benefit for Credit Unions on partnering on a Credit Guarantee Scheme, is they are in receipt of an 80% Guarantee from the SBCI /or the Department of Enterprise, Trade and Employment, enabling them to offer competitively priced loans to their business members.

CUDA acknowledge that credit unions, who were again voted most trusted organisation in 2023 are more involved in their local communities, a consequence of which is more local businesspeople will be willing to sit down and discuss the merit of them participating in this scheme.

Kevin Johnson, CEO of CUDA commented, “

“As the trusted provider of financial services in communities throughout Ireland, we believe that many sole-traders and small business owners will feel more comfortable dealing with credit unions, particularly where they can receive a fast answer to their credit application. Many of these solid businesses are struggling due to high increase in costs, particularly energy costs and are now at a point where they need to review their working capital to ensure they are well positioned for the future.

We have designed the standalone business website, Bizfin.ie, to support this initiative which will be accessible to all business customers of the participating credit unions. They will be able to apply for business loans as well as apply for credit union membership via this site.”

Ends

  

About Ukraine Credit Guarantee Scheme

The Ukraine Credit Guarantee Scheme is offered by the Department of Enterprise, Trade and Employment to provide viable SMEs, including primary producers, impacted by economic challenges arising from the conflict in Ukraine with access to low-cost finance.

The scheme supports economic activity in Ireland, facilitating the provision of working capital and medium-term investment finance to businesses adversely impacted by the conflict in Ukraine who are facing supply chain disruptions and increased input (including energy) costs.

Borrowers will contribute to the cost of the scheme by paying a risk premium on the credit advanced. This premium will be incorporated into the margin on the loan, collected by the on-lender and paid to Government of Ireland.

 Loan Features

  • Loans from €10,000 to a maximum of €1,000,000 / €400,000 for BizFin Credit Unions, per borrower (subject to Loan Amount Criteria, see below for further details)
  • Repayment terms of between 3 months up to 6 years
  • Eligible financial products: term loan facilities.
  • Loan amounts less than €250,000 will be unsecured.
  • Amounts greater than €250,000 may be secured; however, a personal guarantee may only be sought in circumstances where it is required to capture supporting security, or where it is an uncollateralised personal guarantee and is limited to a maximum of 20% of the initial finance agreement amount.
  • Up to 90 days interest and/or capital moratoria are possible under the scheme. These remain at the discretion of the participating on-lender.
  • Loans will be available up to the 31 December 2024 or until the scheme has been fully subscribed.

 Eligibility Criteria

Borrowers must self-declare that:

  • Their costs have increased by a minimum of 10% on their 2020 cost figures due to the impact of the conflict in Ukraine.
  • Finance is being sought specifically as a result of difficulties being experienced due to the conflict in Ukraine and meet the specific criteria as set out in the Loan Purposes section.
  • Finance is being sought for a new loan. Refinancing of existing loans is not

How to apply

Step 1 – Applicants must first register on the SBCI Hub and submit an online Eligibility Application Form to check if they can access the scheme. Once the online form is completed, successful applicants will be issued with an eligibility code.

Step 2 – The applicant must provide this eligibility code to the Credit Union to begin their credit application process.

Please note that the SBCI eligibility code is not a guarantee of credit approval.

 

About BizFin

This Business & Community Lending solution is an initiative that commenced in participating credit unions in 2021. These credit unions have a strong desire to serve other sectors of the credit union   membership, namely micro, small & medium sized enterprises, and community clubs & associations.

Our strategy is to deliver prudent high quality lending growth within our catchment area, by offering secured and unsecured longer-term lending.

This is achieved by having the necessary in-house expertise & staff, coupled with the close collaboration of contributing credit unions.

In BizFin we have developed a uniform & consistent approach, so that every applicant will have the same transparent, professional & personal experience in every participating credit union.

If you would like to know more about a business or community loan, including the Ukraine Credit Guarantee Scheme, visit BizFin.ie.

 

[1] European Commission Economic Forecast for Ireland May 2023[/vc_column_text][/vc_column][/vc_row]

Nov 30 2022

Credit Union Development Association (CUDA) delighted to see publication of the Credit Union (Amendment) Bill 2022

By News

Over many years credit unions have operated within outdated legislation – legislation not fit for purpose in a modern era. For some time now, CUDA has called on the Government to introduce enhancements to the existing credit union legislation to ensure credit unions can reach their potential on behalf of their members.

Today, the Government has published a new Credit Union (Amendment) Bill. On behalf of its members and the credit union sector at large, CUDA welcomes this development. According to Kevin Johnson, CEO CUDA, “this unique opportunity will enable credit unions to offer and deliver more benefits through enhanced products and services to existing and future credit union members”.

Credit Union legislation was last overhauled 10 years ago by the Credit Union and Co-operation with Overseas Regulators Act 2012.

The published amendments will allow greater collaboration and choice when developing credit products and offerings to consumers such as sharing large community project loans amongst a number of credit union participants (“loan sharing” or “loan participation”), and the ability to offer a full range of services to consumers, irrespective of the fact that a credit union may not have that product themselves e.g. mortgages, by introducing the member to a colleague credit union that does offer the product or service (“loan introduction”).  These are standard practices amongst credit unions in other jurisdictions such as Canada.

CUDA particularly welcomes the changes that recognise the great work of volunteer directors, who provide a professional service pro bono. The changes will allow them to focus more on the overarching governance and strategic direction and policy making of the credit union, while allowing a credit union assign new roles, focusing on implementation and operations, to its professional management team.

There is no doubting the trust members place in their credit union. The relationship is unique. CUDA is pleased that the legislative changes will allow credit unions continue their special relationship with members and the community through environmentally friendly methods – including the introduction of digital enhancements to their existing services and facilitating additional loans to the community. However, CUDA is quick to note that credit unions are very aware of the importance of face-to-face interactions with their members. Something that is greatly diminishing in other areas of the banking.

CUDA commends the great work achieved by all stakeholders, noting that the process started out with interested parties having differing views and priorities. The pandemic brought an additional layer of complications. CUDA says that the published Bill is an example of what can be achieved through meaningful cooperation.  CUDA would like to take the opportunity to express its appreciation for the productive contributions of Minister of State, Séan Fleming TD, Minister for Finance, Pascal Donohoe TD, the team at the Department of Finance led by Brian Corr, the Registrar of Credit Unions, Elaine Byrne, and her team at the Central Bank, and our colleagues in CUMA, ILCU and NSF.

CUDA looks forward to the speedy implementation of the legislation to ensure credit unions can continue to deliver their first-rate service – ensuring the best outcomes for credit union members, their communities and the wider Irish economy.

Sep 25 2022

Credit Union (Amendment) Bill a priority in Government Legislation Programme

By News

The Government Legislation Programme was published on 14th September and sets out the agenda of new legislation for this Autumn Session 2022. CUDA is delighted to note that the priority legislation for drafting and publication during this session includes the Credit Union (Amendment) Bill. This will give effect to the proposals that have emerged from the Review of Policy Framework of Credit Unions. It is ten years since credit union legislation was amended.

At a time when there is a significant housing challenge, a climate change crisis, a looming pension crisis and large-scale bank branch closures Government cannot solve these alone. CUDA believes that there is a real fit between key elements of Government priorities and the future role of Credit Unions.

Credit unions have the funds and the market reach – our unique ownership model means benefits flow back to Members and Communities. The new proposals will facilitate real collaboration occur between credit unions. Each credit union is a separate legal entity with its own board and management team, and up to now they are not permitted share business. These changes will permit credit unions to collaborate to introduce loans to each other and collectively share loans. They will be able to establish a credit union for credit unions and have greater opportunity to invest in credit union owned service organisations. These changes will help Credit unions make a greater financial, social and environmental contribution as their legislation framework is modernised.

Allowing credit unions to do more business through these changes, this could effectively see their lending double increasing from €5.5bn to over €10bn.

We will also welcome guidance from the Minister of State at the Department of Finance on how credit unions can qualify to become distributors of State Savings products as this would be an opportunity to broaden the savings options that credit unions can offer.

We look forward to continuing contributing to the good work that is ongoing and would ask all members of the Oireachtas to support and enact these overdue changes. To bring all this good work into existence we need the Central Bank to ensure that they implement regulations that will enable the changes to the credit union law that then enables them to get on with delivering real competition and choice for people throughout Ireland.

Sep 06 2022

Just 6% believe banks will retain cash services “indefinitely”

By News

Majority believe that buck stops with Government and Central Bank for cash-banking in local communities

 Despite the public and political backlash to the recent attempts at branch closures and the withdraw of cash services by AIB, the vast majority of people believe that it’s only a matter of time before local banking services, including cash, are significantly curtailed.

A new survey, commissioned by Credit Union Development Association (CUDA) and undertaken by iReach, reveals that as many as 60% anticipate that cash services in banks will be removed in time, with just 6% believing banks will retain these services indefinitely.

The survey of 1,000 people nationwide also found that over half (56%) believe that the responsibility to retain cash services should be centrally positioned in the hands of the Government and/or the Central Bank.

Kevin Johnson, CEO of CUDA spoke of the findings,

“It seems that many people feel we are on borrowed time in terms of the rollout of digital banking and the withdrawal of face-to-face banking services, with 60% of respondents feeling that AIB’s decision to retain cash services is only temporary.

Just 6% of respondents believe that cash services as they currently exist will survive indefinitely, with a further 15% feeling that while they believe cash services will be retained, we will have to pay a lot more for them.

It is very much a sign of the times we are in, and the shift to digital banking, that one of the fundamental purposes of the banking system as we know it – namely the circulation of cash – is under threat of becoming redundant. There are many sides to the argument – some people will argue that digital is the way forward and a cashless society is the next logical step. Others will maintain that a solely digital-based banking system would only serve a certain sector of society, would skip a large swathe of people who don’t have the requisite skillset to adopt it, and leave the economy over- exposed to a major cyber-attack.”

Recent statistics from Eurostat1 found that there are 275,000 people in Ireland over the age of 65 who are not using the internet.

Mr Johnson commented,

“That’s a hugely significant demographic and sector of our society. Most of these people require access to banking services and expressly, to cash banking services and a walk-in branch. The prospect of national banking service providers orientating their business development in such a way as to potentially disempower over a quarter of a million people requires serious consideration at Government level, and requires policy making that mitigates such negative societal impacts and detriment – particularly for older consumers.”

The CUDA survey also questioned respondents as to who they feel responsibility to ensure that local communities retain access to cash-banking should fall to, with a third believing that it should remain the responsibilities of the banks to retain services.

 

 

 

Mr Johnson continued,

“Here we see that the majority (56%) believe that the buck stops with the Government and the Central Bank to ensure that people have access to cash banking services in their local communities. A further 30% believe that it’s up to the banks to ensure that local communities have such services.

These numbers are even more extreme amongst KBC and Ulster bank customers, with just 17% believing that it’s up to the banks and 72% saying that it’s up to Government and the Central bank to sort this issue.”

Mr Johnson concluded,

“The retention of cash services in local communities is critical and is a national issue that needs forward-looking centralised planning. In this regard, Credit unions would be happy to support the Government in developing a solid solution to ensure that consumers current and future needs are met.”

 

 

1 Eurostat: Individuals’ level of digital skills (until 2019) https://ec.europa.eu/eurostat/databrowser/view/ISOC_SK_DSKL_I/default/table?lang=en

 

ENDS

Note to the Editor

CUDA

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 ‘voice’, has become increasingly engaged in providing support facilities in the areas of regulatory compliance, risk management, shared services and competency development.

CUDA is a Credit Union owned network that enables member Credit Unions to engage in beneficial activities which would not have proved possible to do as single stand-alone entities.

It manages the diverse interests of members to the mutual benefit of the network. In acting as a catalyst for the growth and development of Credit Unions, CUDA now makes many of its support services available to all Credit Unions.

 

 

Appendix

  1. AIB recently announced plans to remove cash services from 70 of its branches throughout the country. It has since reversed this decision following backlash from the public and Government.

Do you believe this reversal is:

  • Permanent – they will retain cash services indefinitely 6%
  • Permanent – they will retain cash services indefinitely but will increase their charges for cash transactions 15%
  • Temporary – they will remove cash services in time 60%
  • I don’t know 19%

 

  1. In your opinion, whose responsibility is it to ensure that local communities have access to cash-banking?
  • The banks– they should look after their customers 30%
  • The Government – to ensure that banks or an alternative provides this service 28%
  • The Central Bank – to ensure that banks or an alternative provides this service 28%
  • Nobody – we just have to move with the times 13%