23. Deputy Willie O'Dea asked the Tánaiste and Minister for Finance for an update on the Credit Union Sector Strategy project, following its recent launch; and if he will make a statement on the matter. [48369/26]

The Programme for Government includes a commitment to draft a five-year strategy for the credit union sector. The Minister of State and I approved a plan to determine the sector's long-term strategic direction, and this work is now underway. Two independent chairs have been appointed to lead the governance structures underpinning the delivery of the strategy:

• Dr Orlaigh Quinn has been appointed Chair of the Project Governance Board. She is a former Secretary General of the Department of Enterprise, Tourism and Employment.

• Tom Allen has been appointed Chair of the Strategy Committee. He recently retired as CEO of North Midlands Credit Union

The Project Governance Board held its first meeting on the 30th of April to commence the initiation and first phase of the project. The meeting, chaired by Dr Quinn, considered the Terms of Reference, governance arrangements, and overall scope of the strategy. Final documents have been approved and will be published on the Department of Finance website shortly.

The Project Governance Board held its second meeting on the 18th of June, where members discussed the development of a sector-wide survey for credit unions. This survey will provide an opportunity for credit unions to set out their strategic priorities at an early stage and to help shape the direction of the overall strategy.

Members also considered the application process to enable sector representatives to participate in the Strategy Committee and associated strategy workshops. These initiatives will ensure that the sector’s voice is central to the development of the strategy. Both processes are significantly advanced and are expected to open for engagement in early July.

Project Board Members agreed that this represents a significant opportunity to deliver an ambitious, first-of-its-kind, sector-wide strategy to future-proof the credit union movement, enabling it to address challenges and capitalise on emerging opportunities.

Significant resources have been allocated, and the strategy is expected to be delivered within a 10-month timeframe. A project team has now been established within the Department of Finance to assist with the delivery of research, drafting, stakeholder engagement and secretariat support for the Project Governance Board and Strategy Committee.

The strategy will be developed and implemented by credit union sector itself, reflecting the fact that credit unions are best placed to understand and respond to the needs of their members' and communities. To support this reach out to members and communities, the Minister of State has attended the first of a series of Community Stakeholder Roundtables in Claddagh Credit Union, Galway on the 14th of May. Continued participation from credit union CEOs, directors, staff, and volunteers will be sought as the project develops.

A core objective of the strategy plan is to be transparent and communicate regularly with the sector. Further information will be made available in due course, including a roadmap outlining the phases of the strategy, how the sector can participate in its development, and encouraging broad and active engagement throughout the process.