Central Bank announces change of Registrar of Credit Unions

25 May 2022 Press Release

Central Bank of Ireland

The Central Bank today launches a recruitment process for the position of Registrar of Credit Unions. A vacancy arises as a result of the appointment of Patrick Casey, who has been Registrar of Credit Unions since 2017, to the role of Head of Consumer Policy and Research. In this role, Mr Casey will lead the review of the Consumer Protection Code (the Code), a key strategic priority for the Bank going forward.

Mr Casey’s period as Registrar saw important enhancements to the supervisory and regulatory framework for credit unions, including revised investment and lending regulations, as well as extensive restructuring within the sector. The sector is well placed to become a primary financial service provider of choice for members, at a time of significant change in the Irish retail banking landscape.

Deputy Registrar Elaine Byrne is being appointed acting Registrar of Credit Unions, pending the outcome of the recruitment process for the Registrar role.

Commenting on the change, Governor Gabriel Makhlouf said: “I thank Patrick for his leadership as Registrar over the last five years which delivered a number of important outcomes and involved close and continued work with sector stakeholders throughout this period: engagement which the Central Bank regards as essential in the delivery of our mission. The sector plays an important role at the heart of Irish retail financial services, and we look forward to continuing to enhance the resilience of credit unions from a supervisory and regulatory perspective. We want to continue to see a strong and vibrant credit union sector offering its members the products and services they need into the future, which the new Registrar will take forward.”

“Separately, the review of the Consumer Protection Code is another key element of our strategic plan. It offers an opportunity to engage widely with stakeholders on critical consumer-related topics at a time of unprecedented change in Irish retail financial services.”

The review of the Code will see a discussion paper launched by the Central Bank in Q3 2022 as part of an extensive public engagement process. Informed by that engagement process, a formal consultation will follow in due course, setting out proposed revisions to the Code.