Tullamore Credit Union CEO to address Oireachtas committee this week

Tullamore Credit Union's CEO, Paul Shaw, is set to appear before an Oireachtas committee on Wednesday of this week, June 17, to discuss the future of the credit union sector.

Mr Shaw will appear before the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation.

He was invited to attend both in his capacity as chair of the management committee of Credit Union Development Association, which represents the interests of credit unions, as well as in his role as CEO of the local community credit union which he described as "one of the largest and most successful" of its kind in Ireland.

The committee meeting is taking place amid the backdrop of the Department of Finance, in partnership with the credit union sector, developing a new five-year, sector-wide strategy aimed at strengthening, modernising and future-proofing credit unions nationwide.

In advance of the Oireachtas committee meeting, Mr Shaw outlined how the proposed five-year national strategy is expected to shape both the future of Tullamore Credit Union and the wider Credit Union movement.

He said the strategy would mark a significant shift towards "greater collaboration and standardisation across the sector," enabling credit unions to work more closely together while still maintaining their strong local identity and governance through dedicated community volunteers.

For members of Tullamore Credit Union, this will translate into "enhanced access to a broader range of financial products, services, and delivery channels, aligned with offerings available across credit unions nationwide," he said.

Mr Shaw noted that this more unified approach would also allow for the sharing of costs and risks associated with innovation, particularly in developing modern digital services and improving overall member experience.

Credit unions are increasingly facing challenges such as rising operational costs, growing cybersecurity threats, fraud risks, and heightened competition from new and emerging financial service providers.

By working collectively under the national strategy, Mr Shaw said, credit unions will be in a stronger position to address these pressures, enhance their operational resilience, and continue to provide secure and reliable services to members.

He pointed out that recent events have underscored the importance of operational resilience, noting Tullamore Credit Union’s own investment in back-up infrastructure following service disruption caused by Storm Éowyn in January of last year.

In addition, the Tullamore Crecit Union CEO welcomed the significant increase in lending capacity introduced under the Credit Union (Amendment) Act 2023 and supported by Central Bank regulation.

He described this as a major milestone for the sector, saying it's "effectively doubling lending limits and enabling Tullamore Credit Union to confidently meet demand for mortgages, personal loans, business finance, and community lending initiatives well into the future".