Credit unions in Laois and elsewhere have a tremendous opportunity to grow, according to Sean Fleming, Minister of State at the Department of Finance.

He made the comment in a statement released after meeting with all credit unions in Laois on Thursday July 21 to discuss plans to help the credit union movement.

“As the first state minister to be given specific responsibility for the credit union sector, I have been engaged with credit unions and their representative bodies across the country.

“I was very pleased to meet all the credit unions that operate in County Laois and hear their views on how credit unions can become a true community banking movement in Ireland.

“It was very important to hear about the issues directly affecting credit unions from the senior executives and directors of credit unions in the county who have first-hand experience of the issues on the ground.

“I gave a briefing on new legislation which I will soon be bringing to the Oireachtas which will help credit unions grow. This was recently approved by Cabinet. There was a very positive and engaging discussion on upcoming legislation that will be published soon,” he said. .

TD said after the meeting was held at the Killeshin Hotel in Portlaoise that changes had been made to benefit credit unions.

“Since becoming minister responsible for credit unions, I have introduced legislation allowing virtual and hybrid general meetings for the first time ever. We have also reduced levies payable by credit unions by 54% over the last few years. last two years, which has been a significant saving for the movement.Separately, the Central Bank has authorized three funds managed by credit unions through which each credit union can invest in the financing of housing organizations approved for housing social.

“There is now a tremendous opportunity for credit unions to grow by offering more services to members of the public who have traditionally dealt with traditional banks.

“Finally, as minister responsible for credit unions, I urge everyone to manage their financial affairs through one of the nine credit union offices in County Laois,” Fianna Fáil said. TD.

The five funds operate through nine different branches in Laois:

People First, in Portlaoise, Abbeyleix and Stradbally
St. Canice’s Credit Union in Mountrath, Rathdowney and Durrow
Mountmellick Credit Union
Credit Union of Portarlington, and
Carlow Credit Union operating in Doonane/Newtown

Credit Union is Ireland’s most trusted brand with strong roots in the local community and it is important that it continues and thrives in this role in the future.