Press release
Minister Donohoe Appoints New Member to the Credit Union Advisory Committee
Published on
Last updated on
Published on
Last updated on
The Minister for Finance, Paschal Donohoe TD, today announced the appointment of Mr. Dermot Griffin as a new member of the Credit Union Advisory Committee (CUAC).
Mr. Griffin is the CEO of the Credit Union Service Organisation for Payments (CUSOP) and brings with him a wealth of experience having joined CUSOP from the National Lottery, where he held the position of CEO for 14 years. Mr Griffin was a non-executive director of a large industrial credit union for five years and previously held the position of Commercial Director for Vodafone Ireland. Mr Griffin also currently serves on the Dublin Chamber of Commerce Council.
Mr Griffin’s three year CUAC term will begin 1st September 2021.
In addition to the appointment of Mr Griffin, Minister Donohoe has reappointed four of the existing members of CUAC, whose terms were due to expire on 1st September 2021, for a further three year term. These members are as follows:
1. Ms Lorraine Corcoran , Chair, Director Afanite,
2. Ms Olive McCarthy , Senior Lecturer & Director, UCC Centre for Co-operative Studies
3. Mr Seamus Newcombe , CEO, Payac
4. Mr Diarmaid O’Keeffe , Head of Audit, EisnerAmper Ireland
The CUAC is an important advisor to the Minister on credit union issues and has undertaken wide ranging research in relation to the credit union sector. Most recently it conducted a Review of the Credit Union Sector 2020. This report, including recommendations, is being considered as part of the Review of the Credit Union Policy Framework that is currently being undertaken in line with Programme for Government commitments.
Minister of State with responsibility for Financial Services, Credit Unions, and Insurance, Seán Fleming TD thanked the CUAC for their ongoing work:
“The reappointment of Ms Corcoran, Ms McCarthy, Mr O’Keeffe, and Mr Newcombe, along with the appointment of Mr Griffin, will ensure CUAC has the requisite blend of skills and knowledge to continue its important work. CUAC’s work plays an important role in informing policy decisions and I would like to acknowledge the efforts of the committee, particularly over the last number of years.”
Commenting on the new appointment, the Minister of State said:
“I would like to congratulate Mr Griffin on his appointment. Mr Griffin brings a wealth of commercial expertise and experience to CUAC which will add greatly to the valuable work of the committee. I look forward to working with Mr Griffin and the other members of the committee, in supporting the development of the sector.”
Note to Editor
Credit Union Advisory Committee (CUAC)
The CUAC advises the Minister for Finance in accordance with its mandate under Section 180 of the Credit Union Act 1997. The CUAC’s statutory function is to advise the Minister for Finance and such other persons as the Minister thinks fit regarding: the improvement of the management of credit unions; the protection of the interests of members and creditors of credit unions; and other matters relating to credit unions upon which the Minister, the Central Bank or such other persons as may be specified by the Minister may from time to time seek the advice of the Committee.
The CUAC meets on a monthly basis in the Department of Finance, with the Department providing secretariat. It regularly invites Credit Union stakeholders to meetings to share their views on various topics
Following the appointment the full committee will comprise the following seven individuals:
Dermot Griffin – Profile
Dermot Griffin is the Chief Executive of CUSOP, a company which provides electronic payment services to over 180 credit unions in the Republic of Ireland and Northern Ireland. He is also a consultant to the National Lottery having served as CEO from 2005 to 2019. During his time at the National Lottery, he was responsible for the development of online and mobile services. Dermot also led the transition of the National Lottery from public to private ownership and was a director of the successful Euromillions group.
Prior to joining the National Lottery, Dermot was Commercial Director of Vodafone Ireland and a Director of Vodafone Marketing International. Dermot spent 15 years in the telecoms industry, most of which was in the mobile phone sector.
He holds a Bachelor of Commerce degree from UCD and qualified as an accountant with KPMG. He is a member of the Institute of Directors and an elected member of the Dublin Chamber of Commerce council.