DUBLIN, Ireland—Thanks to regulatory changes coming this year, credit unions in Ireland will be able to offer mortgages, business loans, current accounts and debit cards, the Irish Independent reported.
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, Helen Carbery, the new chief executive of the Credit Union Development Association, told the Independent.
“We are at a landmark moment in the evolution of the role and value of the credit union sector in Ireland,” she said. “…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.”
Carbery told the Independent smaller credit unions will be able to offer these services by partnering with other credit unions or through credit union shared organizations.
“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 told the publication.
The act also modernizes 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, the Independent noted.
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