Credit Union

St. Dominic's Credit Union Waterford and Mooncoin.

A Credit Union is a group of people who save together regularly and loan to each other at reasonable rate of interest. There are over 540 Credit Unions in Ireland, over 400 in the Republic of Ireland and 100 and more in the North of Ireland. The Irish League of Credit Unions is in Dublin and regulates all Credit Unions.

The Credit Union Movement traces its origin to Germany and to Friedrich Wilhelm Raiffeisen the mayor of a small town in southern Germany.

In 1849 they formed societies to assist people to help themselves out of debt and poverty. Soon it spread to North America and Canada. Alphonsus DesJardin and Edward Filene were father figures of the movement.

He laid down these conditions:

1. Only a member could save or borrow.

2. Loans were made at rates of interest that members could afford.

3. The members own and control the Society.

4. The Motto is:
Not for charity, not for profit, but for SERVICE.
These conditions hold good to this day.

Thanks to a former teacher Nora Herlihy from Ballydesmond Co.Cork and Fr.Paddy Gallagher of Armagh and other dedicated pioneers the Credit Union was introduced to Ireland in 1958.

It spread rapidly.

We can now be proud of a Credit Union in almost every town in Ireland.

St. Dominics in Waterford opened up in 1967 with a committee of eleven.. Every member opened an account of £5 in shares and on the opening night the takings were £350.

Membership increased to 2,500 members and a new office was opened in Summerhill in 1987.To day there are over 11000 memebrs.

Assets to day stand at over £20million.

Other services are also provided:

Loan Insurance cover, VHI, Death Benefit of £1000, Home Union Insurance, Savings Stamps, Auto Union Motor Insurance and Foreign Exchange.

St. Dominic's is associated with Carrigeen School.

Children at Carrigeen run the School Credit Union on Friday mornings. Mary Dalton also helps out. Children put their money in the Credit Union and at the end of the year gain at least 5% on their investment. No loans are given out. A member must be 18 to get a loan. All money is insured by the Credit Union. 

1997 has been an historic year for the Credit Union Movement in general. The 1997 Credit Union Bill was passed by the Oireachtas, that is Dail Eireann and Seanad Eirenn. This a stand alone legislation governing the Credit Union Movement in the Republic of Ireland. There are also changes in the North of Ireland. 

The Credit Union Ltd. is one of the few organizations across the 32 counties of Ireland and is non sectarian in its nature. Long may it continue to grow and serve the needs of the people of Ireland! 

On Saturday  February  14  Mr. Pat  Murphy  Chairperson  of  St. Dominick's  Waterford,  officially  turned  the  sod  at  the  new  premises  at  Mooncoin. Mr. Vincent Fewer  is  the  building contractor.

Saturday  February  21  was  a  special  day  for the  Irish  League  of  Credit  Unions. President  Mary  MacAleese  officially  opened  the  new  premises  at  Mount  Street  Dublin.  She  praised  the  tireless  dedication   of  the  12  thousand  volunteers and  1500  paid  staff  who  manage  the  Credit  Unions  across  the  32  counties.
 

New  premises  of the  ILCU  Mount  St. Dublin
 

 Researched  by  Kevin Healy .