Credit Unions are set to be a key provider of Community Banking in Fingal under new legislation. The Credit Union (Amendment) Bill 2022 will allow credit unions expand their membership and services in Fingal, a Fine Gael Councillor said. “Fine Gael is committed to ensuring more people own their own homes. It is expected that through this legislation, credit unions will be able to compete more effectively in the mortgage and SME (Small Medium Enterprises) lending market. The Legislation will enhance the ability of Credit Unions to collaborate, share resources and generate economies of scale. This will be significant for local credit unions in Fingal that service the needs of thousands of members and their families in Skerries Balbriggan Rush Lusk Swords and at Dublin Airport.” said Cllr Tom O’Leary. Credit unions like Progressive Credit Union with Branches in Balbriggan, Rush, Swords, Members First Credit Union based in Swords and Aviate Credit Union at Dublin Airport will benefit from these legislative changes. Mortgages at Credit Unions are competitive, for example €381,000 over 35 years. Repayments €1,380 per month at Progressive Credit Union. Cllr Tom O’ Leary was speaking to the people of Fingal following the official commencement of the Credit Union Amendment Act 2023.

“Credit Unions are central to life in Fingal and in Ireland, with approximately 3.6 million members throughout the country,” Cllr Tom O’Leary said. “The commencement of the Act will be phased with Phase 1 having come into effect on Thursday 22nd February 2024, while the commencement of Phase 2 will come into, effect on Monday 8th April 2024.“This Act represents a very significant piece of legislation that will have far-reaching positive implications for Fingal and Ireland overall in the years to come.” Cllr Tom OLeary concluded. The Credit Union (Amendment) Bill 2022 is the first substantive credit union legislation since 2012, which followed the Commission on Credit Unions.