Credit Union Advisory Committee (CUAC) term extended to allow for implementation of Report

25.07.17

Credit Union Advisory Committee (CUAC) term extended to allow for implementation of Report

Expressions of interest for new members sought

The Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, has requested current members of the Credit Union Advisory Committee (CUAC) to extend their term for one year until September 2018 to further assist in implementation of the recommendations in their 2016 report - Review of Implementation of the Recommendations in the Commission on Credit Unions Report- and to assist in the transition to new members. 

The Minister has also requested that two additional members be appointed to CUAC promptly for a three year term.  Details of the appointment process are below.

CUAC will continue to be chaired by Professor Donal McKillop.

Committee members are as follows:

  • Mr Donal McKillop, Chairman, Professor of Financial Services in the School of Management at Queens University, Belfast.
  • Ms Denise O’Connell, Partner, Audit and assurance services - Grant Thornton.
  • Mr Joe O’Toole, Former Senator. Previously served as General Secretary of INTO and President of ICTU.

Commenting on the reappointments, the Minister said: ‘I am reappointing the current Credit Union Advisory Committee members for a one year period to enable consistent implementation of all recommendations made by the Committee in its substantial Review of Implementation of Recommendations in the Commission on Credit Unions Report.  I wish the Committee well in its work over the next twelve months and I am confident that they will each continue to contribute to the work already commenced’.

“I look forward to receiving regular updates on CUAC’s work, which is currently supporting the development of the movement into the future.”

ENDS

 

Contact:

Deborah Sweeney, Press Adviser to the Minister for Finance & Public Expenditure and Reform: 086 858 6878

Ben Sweeney, Press Officer: 085 8069313

Press Office: pressoffice@finance.gov.ie 01-676 0336

 

Notes for Editors

 

APPOINTMENT PROCESS

Background

The appointment of a Credit Union Advisory Committee is a statutory requirement under section 180 of the Credit Union Act 1997. Section 180(3) provides that the Minister may appoint up to seven people to CUAC for such period as the Minister thinks fit. The main function of CUAC is to advise the Minister and such other persons as the Minister thinks fit in relation to:

  1. the improvement of the management of credit unions;
  2. the protection of the interests of members and creditors of credit unions; and
  3. other matters relating to credit unions upon which the Minister, the Central Bank or such other persons, as may be specified by the Minister, may from time to time seek the advice of the Committee.

CUAC is a Committee which sits once a month in the Department of Finance and the Department provides secretariat. CUAC members receive a fixed annual fee paid on a quarterly basis as follows: €3,705 per annum (Chairman); €2,470 per annum (Ordinary member). Travel and subsistence expenses are paid in accordance with the Department's guidelines.

 

Expressions of Interest

In order to be considered a person must have expertise and experience in, or relevant to credit unions in one or more of the following areas:

  • Business analysis
  • Risk Management
  • Project Finance
  • Information Communications Technology
  • Corporate Governance
  • Accountancy, Finance & Economics
  • Financial Regulation
  • Financial Services
  • Co-operatives
  • Credit Management
  • Investment Management

 

Those expressing an interest in this role should also be able to demonstrate a balanced set of skills, combining a thorough understanding of credit unions, financial and business expertise as well as having excellent communication and relationship-building skills.

The closing date for expressions of interest is 5.00pm on Wednesday 6 September 2017.

Expressions of interest should be emailed to creditunions@finance.gov.ie enclosing a CV and details of any actual or potential conflicts of interest.  In considering expressions of interest due regard will be given to Government policy on gender balance.

The Minister will not necessarily be confined to those who make expressions of interest received in response to this or any other notice.

Persons expressing an interest in membership of CUAC should familiarise themselves with the following:

  1. Report of the Commission on Credit Unions (http://www.finance.gov.ie/documents/publications/reports/2012/creditunionre pmar2012.pdf).
  2. CUAC Review of Implementation  of the Recommendations in the Commission on Credit Unions Report (http://www.finance.gov.ie/sites/default/files/CUAC%20Review%20of%20Implementation%20of%20the%20Recommendations%20in%20the%20Commission%20on%20Credit%20Unions%20Report.pdf).