Margaret Heffernan
Director ILCU
Margaret has been involved in the Credit Union Movement since 1992, firstly in a Governance Role until 2021 and finally in management role until she retired as CEO of Rathkeale & District Credit Union in January 2023. Margaret served as Vice-President of the ILCU from 2023-2025.
What do you think is the greatest contributions that Credit Unions make?
A Credit Union should be the first port of call for a member and indeed non members to assist with their financial needs. Credit Unions start with savings accounts for young members by visiting local primary schools and on occasions setting up Mini Credit Unions for Transition Year students. This all leads into a savings culture for their futures.
Credit Unions are member owned and not for profit companies and therefore have a huge influence in their communities by offering the services that they require.
As an ILCU Board / Supervisory Committee member, what do you hope to achieve during your term?
Having been involved with the ILCU Board for many years I am cognizance of our grass root issues particularly under regulation and legislation and I wish to actively urge collaboration with all stakeholders CUMA, CUDA, NSF, CUAC, and Alliance for the best possible outcomes for our Credit Unions. I want the League Board to continue with proactive advocacy and providing the services required by our Credit Unions in particular by assisting with the implementation of DORA and any other regulations that may come our way in the future
If you were Minister for Credit Unions what one would you make?
If I were Minister of State I would encourage more collaboration between Credit Unions stakeholders. I would listen to the issues brought forward that would enable Credit Unions to function effectively and efficiently to meet the needs of their members without due interference from the Central Bank. I would look at the capital requirements for credit unions in North of Ireland and consider their implementation in ROI.