Registrar of Credit Unions at CUDA annual conference 2018

29 January 2018 Press Release

Central Bank of Ireland

  • First speech by new Registrar
  • Credit unions with the strongest governance, risk and operational foundations are best placed to undertake business model transformation
  • Sectoral collaboration on shared services necessary for the credit union business model of the future

Full speech

Registrar of Credit Unions, Patrick Casey, made his first speech in the role at this weekend’s Credit Union Development Association Annual Conference in Galway.

In his comments he addressed how credit unions need to take greater ownership of the development of their own business model. The credit union business model of the future will require diversified income streams and efficient management of operating costs, both of which are likely to involve coherent sectoral collaboration on shared services. He noted those who embrace a risk-based approach and have a culture of good governance are best placed to deliver prudent business model change.

He said:

“Our view is that credit unions with the ambition to do more, coupled with necessary risk understanding, should be facilitated, and that changes to the regulatory framework should be driven by well-developed and achievable business model proposals. This approach is consistent with the recommendations of the Report of the Commission on Credit Unions, and is in line with an enabling earned flexibility approach that allows for safe and prudent business model development.”