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Minister for Finance announces establishment of the Credit Union Advisory Committee

The Minister for Finance, Michael Noonan TD, today announced the membership of the new Credit Union Advisory Committee. The Committee advises the Minister for Finance in accordance with its mandate under Section 180 of the Credit Union Act 1997. The Committee members will hold office for three years from 22 September 2014.

The Committee’s statutory function is to advise the Minister for Finance and such other persons as the Minister thinks fit regarding: –

1. the improvement of the management of credit unions;
2. the protection of the interests of members and creditors of credit unions; and
3. other matters relating to credit unions upon which the Minister, the Central Bank or such other persons as may be specified by the Minister may from time to time seek the advice of the Committee.
The Committee will be chaired by Professor Donal McKillop. Committee members are as follows:

Mr Donal McKillop, Chairman, Professor of Financial Services in the School of Management at Queens University, Belfast.
Ms Denise O’Connell, Partner, Audit and assurance services – Grant Thornton.
Mr Joe O’Toole, Former Senator. Previously served as General Secretary of INTO and President of ICTU.

Commenting on the appointments, the Minister said:
“I wish the new Credit Union Advisory Committee well in its work over the next three years. Each member of the Committee has vast credit union experience and knowledge and I am confident that they as a Committee will make a valuable contribution towards dealing with the challenges facing the sector at this important time for the Irish credit union movement. There has been much activity and change within the credit union sector in recent years highlighting their important role as a volunteer co-operative movement. In particular, the implementation of recommendations of the Commission on Credit Unions’ Report, mainly through the Credit Union and Co-operation with Overseas Regulators Act 2012, as well as the implementation of a number of non-legislative recommendations. I look forward to receiving recommendations from the committee which will support the development of the movement into the future.”