WEALTH September 27, 2026 0 Comments

Why Credit Unions Could Be the Silent Powerhouse Driving the Next Big Financial Revolution—And What You Need to Know Now

Ever wonder if credit unions could be the secret weapon in shaking up national financial policies? Well, the Credit Union Development Association (CUDA) certainly thinks so—and they’re not shy about it as Budget 2027 approaches. Picture this: a financial ecosystem where trusted community ties and real-deal guidance are front and center, rather than just pushing people to open accounts without a clue where their money should actually go. CUDA CEO Helen Carbery nails it when she says success isn’t about the number of accounts but the quality of the outcomes. With €22.5 billion in assets and a strong community presence, these 171 credit unions aren’t just financial institutions; they’re neighbors with a purpose—and they’re ready to step up. But here’s the kicker: under current schemes like the Home Energy Upgrade Loan Scheme, they’re barely getting a slice of the pie. Why invite them to the table if the portions are too small to make it even worth the effort? Oh, and before you think this is just about money, CUDA’s also pushing for serious cyber muscle to fend off modern threats, proving they’re game for the digital age. It’s a compelling call for reform, innovation, and—most importantly—a rethink on who really deserves a starring role in shaping financial futures. Ready to dive deeper? LEARN MORE

The Government should give credit unions a greater role in delivering national financial initiatives as part of Budget 2027, according to the Credit Union Development Association (CUDA).

Launching its pre-Budget submission, CUDA said the sector could provide greater financial capacity, community reach and trusted relationships to support Government policy.

The organisation is calling for financial guidance to be incorporated into the proposed Personal Investment Account (PIA), arguing that simply making investment accounts easier to open will not address the reasons people may be reluctant to invest.

CUDA CEO Helen Carbery said the success of the PIA should be measured by “the quality of consumer outcomes, not simply the number of accounts opened”.

“A simpler investment account is welcome, but people also need help deciding what is right for them,” she said.

“Should their next euro go into emergency savings, paying down debt, a pension or an investment account?”

CUDA cited Central Bank research from 2025 which identified fear of losing money, lack of trust, gaps in financial knowledge and limited access to advice and support as barriers to investment.

It said credit unions could help members understand their options, whether that involves saving, investing or a combination of both.

Ireland’s 171 active credit unions collectively hold around €22.5bn in assets, €18.7bn in member savings and €7.7bn in lending.

CUDA is also calling for credit unions to receive fair and commercially viable access to State-backed lending schemes.

The organisation pointed to the €500m Home Energy Upgrade Loan Scheme (HEULS), where it said just 6% of the lending allocation was made available to credit unions, with the remainder allocated to lenders rated by agencies such as Moody’s.

CUDA said spreading the 6% allocation across the sector would have supported only three to five loans per credit union, making participation unviable for many.

“There is little value in inviting credit unions into State-backed lending schemes if the allocation is so small that the cost of participation outweighs the lending opportunity,” Carbery said.

CUDA is seeking a €500,000 allocation through the National Cyber Security Centre for a dedicated Credit Union Cyber Resilience Programme in 2027.

The proposed programme would provide cyber assessments, specialist advice, preparedness workshops and incident-response resources across the sector.

“Cyber threats are becoming increasingly sophisticated,” Carbery said. “A national programme would strengthen the work each credit union is already doing.”

CUDA is also seeking reform of the Credit Union Stabilisation Fund, which held approximately €21.3m at June 30, 2025, allowing earlier intervention where it could support viable credit unions while maintaining prudential safeguards.

The organisation said no additional Exchequer funding was being sought for the proposal.