364. Deputy Emer Currie asked the Tánaiste and Minister for Finance if credit unions will be allowed roll out personal investment accounts. [64161/26]

365. Deputy Emer Currie asked the Tánaiste and Minister for Finance if he is concerned about the potential for deposit flight from credit unions with the introduction of the personal investment accounts; the analysis that has been carried out; and if he will make a statement on the matter. [64158/26]

I propose to take Questions Nos. 364 and 365 together.

At the Savings and Investment Forum on 31 March 2026, I announced the Government’s intention to introduce the legislative framework for an Investment Account in 2026. We want to make investing simpler, clearer, and more accessible for ordinary people, and help their hard-earned money work harder for them.

The Roadmap on Taxation of Retail Investment, published on 31 August 2026, sets out the proposed features of the Investment Account, noting that the model may evolve over time.

The aim is to legislate for the framework in 2026 and to allow accounts to be offered from 2027. The Government’s view is that the account should be simple, accessible, tax efficient, easy to administer, transparent about fees and portable across borders where possible.

The objective of the framework is to see a gradual development of an investment culture amongst retail participators through their regular savings. It is not intended to seek a mass movement of deposits from individual deposit accounts, or to disturb existing forms of retirement savings.

Credit unions play an important role in the savings culture in Ireland. The Central Bank of Ireland reported total member savings across the credit union sector of €18.7 billion in September 2025 (www.centralbank.ie/docs/default-source/regulation/industry-market-sectors/credit-unions/communications/financial-conditions-of-credit-unions/financial-conditions-of-credit-unions-2025.pdf?sfvrsn=5476731a_2) from an estimated 3.3 million members in the Republic of Ireland.

My officials have engaged with credit union representative bodies, who have advised that credit unions want to participate in the rollout of these Investment Accounts; this will ensure that credit union members have choice and access to financial services products. My officials will continue to engage with the sector as the framework is finalised.

While the framework and the details are being finalised, it is important to note that the current financial strength of the sector. The Central Bank of Ireland, in the Financial Conditions Report of Credit Unions 2025, states that "credit unions have demonstrated resilience in the face of systematic shocks and heightened volatility in recent years. Sectoral reserves and liquidity remain strong, with surpluses reported across the sector for the financial year ended 30 September 2025".

I am confident that credit unions will continue to manage risks appropriately in accordance with section 76B(2) of the Credit Union Act, 1997 (the 1997 Act), which requires credit unions to develop, implement, document and maintain a risk management system with such governance arrangements and systems and controls to allow them to identify, assess, measure, monitor, report and manage the risks which they are, or might reasonably be, exposed to.