The Credit Union Development Association (CUDA) is urging that credit unions take on a more prominent position in executing national financial strategies as part of Budget 2027. According to CUDA, the sector possesses the financial muscle, local presence, and established trust required to back Government policy.
Presenting its pre-Budget submission, CUDA argues that financial counsel must be integrated into the upcoming Personal Investment Account (PIA). The body contends that merely simplifying the process of opening accounts will not resolve the hesitation many individuals feel regarding investing.
Helen Carbery, CEO of CUDA, stated that the effectiveness of the PIA should be judged by “the quality of consumer outcomes, not simply the number of accounts opened”. She noted that individuals require assistance determining the appropriate path, such as prioritizing emergency funds, reducing debt, funding a pension, or setting up an investment account.
CUDA referenced Central Bank findings from 2025, which listed fear of financial loss, a lack of trust, insufficient financial literacy, and restricted access to counsel as obstacles to investment. The group believes credit unions can assist members in grasping their choices, encompassing saving, investing, or a mix of both.
Across Ireland, 171 active credit unions collectively control approximately €22.5bn in assets, €18.7bn in member savings, and €7.7bn in loans. CUDA is additionally requesting that credit unions obtain equitable and commercially sound entry to State-backed lending initiatives, including the €500m Home Energy Upgrade Loan Scheme (HEULS).
CUDA observed that only 6% of the HEULS lending quota was directed toward credit unions, while the rest went to lenders assessed by agencies like Moody’s. The association is requesting a €500,000 grant via the National Cyber Security Centre to fund a dedicated Credit Union Cyber Resilience Programme for 2027.
This suggested program would offer cyber risk evaluations, expert advice, readiness seminars, and emergency response tools throughout the sector. Carbery remarked that cyber dangers are growing more advanced and that a nationwide program would bolster the current defenses of each credit union.
CUDA is also requesting changes to the Credit Union Stabilisation Fund, which contained roughly €21.3m as of June 30, 2025. The group stated that it is not asking for extra government funding for this plan, which would enable quicker intervention to aid healthy credit unions while keeping financial safety measures in place.
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