Minister Michael D’Arcy has welcomed this week’s announcement that 30 Credit Unions, with 115 branches throughout Ireland, will be offering a full range of current account services.

These current account services include Mastercard debit card, standing orders, direct debits and overdrafts, following the creation of a shared services company called Payac Services, trading under the Currentaccount.ie name, who will coordinate the services on behalf of Credit Unions.

Speaking about the announcement, this morning, Minister D’Arcy stated that; “I am delighted that, for the first time, Credit Unions will be offering a range of current account services, expanding their horizon and offering more services for the day-to-day financial needs of new and existing members. This is great news for members and is a really positive step forward.

“Altura Credit Union in Gorey is the first Credit Union in Wexford to offer these services to their members. I look forward to this rolling out to other Credit Unions throughout Wexford in 2020.

“This move is fully approved by the Central Bank of Ireland. It has taken three years of combined work by Credit Unions, the Central Bank of Ireland, IT service providers and third-party debit card providers to make this initiative a reality.”

Minister D’Arcy added that: “Credit Unions are an important part of our communities, and these services will offer increased choice to their members.”