Tullamore Credit Union CEO to address Oireachtas committee on future of sector

Tullamore Credit Union has confirmed that its CEO, Paul Shaw will appear before the Joint Oireachtas Committee on Finance, Public Expenditure, Public Service Reform and Digitalisation, and Taoiseach on Wednesday, 17th June, as part of ongoing discussions on the future of the Credit Union sector in Ireland.

He has been invited to attend the Committee in his capacity as Chair of the Management Committee of Credit Union Development Association which represents the interests of Credit Unions as well as the CEO of one of the largest and most successful community Credit Unions in the country.

The Committee meeting takes place at a pivotal time, as the Department of Finance, in partnership with the Credit Union sector, develops a new five-year, sector-wide strategy aimed at strengthening, modernising and future-proofing Credit Unions nationwide.

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The Committee engagement will provide an opportunity to highlight the vital role credit unions play in local communities, while also contributing practical insights on the opportunities and challenges facing the sector in a rapidly evolving financial landscape. .

In advance of the Oireachtas Committee meeting, Paul outlined in detail 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 highlighted that 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.

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

Paul further emphasised that the strengthened framework comes at a critical time, as the financial landscape continues to evolve rapidly. 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,

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 2025.

In addition, Paul 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, 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.

He noted that this development reflects a strong vote of confidence in the expertise, professionalism, and governance standards within Credit Unions, and provides a solid foundation for sustainable growth.

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Looking ahead, Paul stressed that the overarching objective of the national strategy is to create a more cohesive, future-proofed sector that is better equipped to respond to both current and emerging challenges.

While the strategy is ambitious in scope, he believes it presents a significant opportunity to enhance the role of Credit Unions as trusted, community-based financial institutions. He reaffirmed that Tullamore Credit Union will continue to place its members at the centre of everything it does, focusing on improving services, investing in local communities, supporting staff development, and maintaining the highest standards in risk management and governance.

Ultimately, he expressed confidence that by embracing collaboration, innovation, and forward planning, the Credit Union movement will remain strong, resilient, and well-positioned to serve members for generations to come.