Patrick Sheehan
Director ILCU
Pat is currently serving as a Director of the ILCU. Pat is also a Director of Killarney Credit Union Limited and has served as a volunteer on the board for the past 12 years. Pat is also a Practising Solicitor in Killarney.
What do you think is the greatest contributions that Credit Unions make
The greatest contribution that we as credit unions make is our commitment to financial
inclusion and community support. By offering ethical, member-owned financial services, credit unions empower individuals and strengthen local communities providing accessible, community focused financial services aimed at putting our members over profit. By focusing on people over profit credit unions ensure that the decisions we made are in the best interests of our members not external shareholders.
As an ILCU Board/Supervisory Committee member what do you hope to achieve during your term?
During this third term, I hope to support the continued evolution of credit unions to serve as modern, competitive financial institutions while preserving their core values within the community we serve. I hope to this in the following ways;
• Advocating for the ILCU to continue its efforts in seeking a significant relaxation of the rules of lending,
• Promote growth within the sector through the proper use and implementation of the Credit Union (Amendment) Act 2023
• Support Credit Unions in the digital transition that is underway and ensuring DORA is implemented positively for Credit Unions
• Push for the Mortgage CUSO to be fully operational in the short term
• To enhance and drive North/South initiatives and co-operation for the benefit of all members
If you were Minister for Credit Unions what one would you make
If I were Minister of State I would introduce a national strategy to promote deeper collaboration – not only between credit unions themselves, but also with external partners such as fintechs, social enterprises, and community organisations. By encouraging joint initiatives, shared services, and innovation partnerships, credit unions could expand their offerings, improve operational efficiency and better meet the diverse needs of their members.
Strengthening these collaborative networks would help ensure that credit unions remain agile, sustainable, and central to community financial wellbeing.