ILCU welcomes appointment of Deputy Jack Chambers
Posted on: 02 Jul 2020
ILCU welcomes appointment of Deputy Jack Chambers as Minister of State for Financial Services, Credit Unions and Insurance
The Irish League of Credit Unions (ILCU) welcomes the appointment of Deputy Jack Chambers as Minister of State for Financial Services, Credit Unions and Insurance.
The ILCU is looking forward to working closely with Minister Chambers to follow through on the commitments outlined in the Programme for Government including a review of the policy framework within which credit unions operate and the expansion of services to encourage community development.
ILCU President Gerry Thompson said, “This appointment is a clear indication that the Government recognises the key role the credit union movement has as a provider of community banking in the country and it is extremely important and encouraging.
The Programme for Government sets out a clear role for credit unions in the economic future of our country and in local communities and we are looking forward to working with Minister Chambers to ensure that the credit union movement reaches its full potential. We are looking forward to working closely and proactively with the Minister to ensure that the key issues facing credit unions are addressed to enable them to remain a vibrant part of Irish community and business life in the years and decades ahead.”
Notes to editors
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About the Irish League of Credit Unions
The Irish League of Credit Unions (ILCU) is the largest credit union representative body on the island of Ireland. Founded in 1960 with the aim of providing representation, leadership, co-operation, support and development for credit unions in both Northern Ireland and the Republic of Ireland, the ILCU today has an affiliated membership of 326 credit unions – 234 in the Republic and 92 in the North. Membership of the ILCU is open to every credit union in Ireland.
The credit union movement is built on an ethos of mutuality, volunteerism, self-help, and not-for-profit philosophy. The ILCU, as an advocate of this ethos, has a vision to influence, inspire, and support the credit union movement to achieve all its goals – social, economic, and cultural – while always respecting the individual’s rights and dignity. In short, the activities of the ILCU include promoting the credit union idea and ethos; lobbying central Government on behalf of affiliated credit unions; maintaining a professional working relationship with the regulatory bodies - the Central Bank of Ireland, and in Northern Ireland, the Prudential Regulatory Authority (PRA), and the Financial Conduct Authority (FCA), regarding credit union regulation and compliance; and providing a range of professional services to credit unions.
The services that the ILCU provides to credit unions can be largely grouped into four key areas:
Trade & representation association
Business support services
Monitoring and stabilisation activities; and