It’s a pleasure for myself, Deirdre, John, Ciara, and our supervisor, Simon, to wish you all a very happy and peaceful 2025. We must not forget our friends who have departed this world in the last 12 months. As we look back on the year that has passed, we are delighted with the progress we’ve made together in collaboration with CUMA, CUDA, ILCU, the Department of Finance, the Central Bank, and many other stakeholders in the sector.

Despite the challenges we face in a constantly evolving financial landscape, our credit unions have remained a beacon of stability, security, and trust for the people we serve.

The Importance of Credit Unions in Ireland
Credit unions have always been a vital part of Irish society. We were built on the principle of people helping people – a simple yet powerful idea that has endured for over 60 years. We are not driven by profit but by the genuine desire to support our members, ensuring that every individual, family, and community has access to fair financial products and services.

In today’s world, where many financial institutions often prioritize profit over people, our cooperative model stands in stark contrast. We are deeply embedded in our local communities, and our members are not just customers – they are owners and stakeholders. This distinction is what makes credit unions unique, and it’s what makes the work we do so meaningful.

Challenges and Opportunities
Of course, as with any sector, we face both challenges and opportunities. The economic environment continues to evolve, and new technologies are reshaping the way people interact with their finances. At the same time, regulatory pressures and societal shifts are requiring us to adapt in ways we may not have anticipated.

But even in the face of these challenges, there is much reason for optimism. Our credit unions continue to grow and diversify, offering more services and reaching more members than ever before. We’ve embraced digital innovation to enhance the accessibility and convenience of our services, ensuring that we remain relevant in an increasingly digital world. And most importantly, we continue to provide our members with the same trusted service that has made us such a cornerstone of Irish life.

The Future of Credit Unions
Looking ahead, we must remain steadfast in our commitment to the values that have made credit unions successful. We must continue to focus on financial inclusion, ensuring that no one is excluded from accessing the financial services they need. We must continue to be a source of stability in our communities, providing a safe and supportive environment where people can save, borrow, and invest with confidence.

We must also embrace innovation with purpose, ensuring that technology serves our members and strengthens the bonds of trust that have always been at the heart of the credit union movement. The future of credit unions will be shaped by our ability to balance the preservation of our cooperative values with the need to adapt to new realities.

On a closing note, we are your voice at the national level and work on your behalf to build a better sector for the next generation.

Joe Tobin, NSF Chairperson