The Government committed last week to publishing the Credit Union (Amendment) Bill which will secure future development within the sector.
The proposals under the new bill represent a major change to how credit unions will operate in terms of the common bond and with regard to the launch of corporate credit unions.
New legislation, being brought by Finance Minister Paschal Donohoe, will support collaborative efforts among credit unions, and benefit members by widening the range of products and services available.
Minister for Social Protection, Heather Humphreys said credit unions played "a proud role" across the Northern Sound region and their future prosperity must be ensured.
She added that with two banks leaving the Irish market, the function of credit unions has never been more important.
