Murphy backs credit union growth

Economy Minister Conor Murphy has announced his intention to grow the local network of credit unions.

(L-R) David Malone, ILCU Chief Executive; Martin Busch, ILCU President; Economy Minister Conor Murphy; and Martin Fisher, Head of Northern Ireland at ILCU.

Speaking at the launch of a manifesto by the Irish League of Credit Unions in Parliament Buildings today, the Minister said he will establish a dedicated team to update legislation, invest in digital technology and incentivise lending for sustainable projects.

The Minister said:

“For more than six decades credit unions have financially supported families and small businesses through affordable finance and a deep connection with the communities they serve. 

“Their role is even more important today as a result of mainstream financial institutions – institutions that were bailed out by taxpayers during the global financial crash – continuing to withdraw their traditional services from both households and businesses. 

“The policy manifesto launched today by the Irish League of Credit Unions sets out three ways in which my Department can help it to grow. Firstly, by updating legislation, learning from developments in Britain and the south of Ireland, so that credit unions can broaden the products and services they provide to their members, in a way that is consistent with their unique ethos. Secondly, by investing in digital technology, so that credit unions can develop their online services and strengthen their cybersecurity. And thirdly, by incentivising lending for green projects, including home improvements.” 

The Minster confirmed he will set up a team to deliver the policies outlined in the manifesto and that the necessary policies and legislation will be co-designed with both the Irish League of Credit Unions and the Ulster Federation of Credit Unions. He added:

“This important work will be prioritised by my Department. It will proceed at pace and be delivered within the three years remaining of the mandate.”

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