The five credit unions involved in the initiative are Member First Credit Union, Health Services Staff Credit Union, Comhar Linn Into Credit Union, First Tech Credit Union and St Raphael’s Garda Credit Union. The initiative, which is being spearheaded by five credit unions along with the Irish League of Credit Unions (ILCU) and the Credit Union Development Association (Cuda), is a significant step for the industry after the Central Bank of Ireland announced landmark changes to the credit union lending framework earlier this year. The five credit unions involved in the initiative are Member First Credit Union, Health Services Staff Credit Union, Comhar Linn Into Credit Union, First Tech Credit Union and St Raphael’s Garda Credit Union. Essentially a treasury function serving all member credit unions, the mechanism is seen as a step towards the creation of a corporate credit union, an idea detailed in the 2023 Credit Union (Amendment) Act. The move follows the Central Bank’s decision in August to widen the financial crisis-era limits on credit union lending from 15 per cent to 30 per cent of total assets.

Source: The Irish Times December 05, 2025 13:31 UTC