A message from Chair of Ballina Credit Union
9 June, 2025A message from Chair of Ballina Credit Union, David Dwane.
Those of you who remember Ballina Credit Union before the Credit Union Act 2012 became law will recall a time when volunteers worked hard behind the counter and served members directly, taking in lodgements and even helping with members’ loan applications.
The impact of the 2012 Act, which set out to strengthen the regulatory framework of the sector following the 2008 economic crash and banking crisis, led to seismic change across credit unions, including in the historical practice of our volunteers having hands-on dealings with members.
These days Ballina Credit Union volunteers work behind the scenes, maintaining observance of regulations that separate the operational and governance functions, but helping to ensure that we function as a strong, stable and progressive member-owned organisation.
Ballina Credit Union is categorised as a financial institution by the Central Bank of Ireland. However, unlike the banks, the board of directors and other volunteers are all unpaid.
The board of directors of Ballina Credit Union is responsible for the general control, direction and management of the credit union, a financial co-operative owned by its 17,500 members across North Mayo and West Sligo.
Other changes following the 2012 Act, and the more recent 2024 Act, include increased levels of compliance to ensure that our members’ funds are properly managed and protected, leading to the need for more resources and skills to manage these obligations.
Fitness and Probity standards have become increasingly higher in recent times and are among the many legal and regulatory requirements that apply to us arising from our authorisation as a credit union by The Central Bank of Ireland.
For example, our board members have a regulatory requirement to complete annual CPD training, in addition to complying with the new Minimum Competency Code which came into effect in 2024.
In a credit union, the Chair’s role contributes towards the effectiveness of the board of directors. A competent Chair will greatly assist a credit union board to function successfully and efficiently in accordance with legislation, regulation and recommended best practice.
As Chair – a position which required that I be pre-approved by the Central Bank of Ireland – I am mindful of the value of encouraging constructive discussions and debate at board meetings, thus ensuring that decisions made on behalf of our members are robustly considered in advance of their adoption. It is vital also that the board communicates productively with the CEO and management team.
Credit unions have won the Best Customer Experience Award in Ireland for a successive ten years. Staff, management and volunteers of Ballina Credit Union recognise that the ability for us to be able to interact face-to-face with our members when they require such contact is among the reasons for this accolade. Our members can trust us, and you are not just a number in our books! All of our decisions are taken at local level and in the interests of our own members.
Continuous training, combined with board members who are committed, enthusiastic and represent a diversity of skills and competencies, helps our board to align with the vision as set out in the Strategic Plan of Ballina Credit Union.
In a fast-changing world of financial services we plan to make this organisation even more relevant for our members, young and old.
David Dwane,
Chair of Ballina Credit Union