Maureen O'Sullivan (Dublin Central, Independent) | Oireachtas source

While the first credit union was located on the south side of Dublin, there were two north side connections I want to mention, the first being the talk given by Seamus MacEoin in Gardiner Street, and the other involving Nora Herlihy, who allowed her house in Phibsborough to be used for the first meeting of the Irish Credit Union League, the precursor of the Irish League of Credit Unions. Both were recognised when President de Valera invited them to Áras an Uachtaráin when he was signing the Credit Union Act in 1966.

Credit unions have been invaluable for all our communities. I know the ones in Dublin central, East Wall, North Wall, Cabra, Phibsborough and Aughrim Street, as well as the one of which I am a member, the ASTI credit union. They came under enormous pressure due to developments in the financial sector. The philosophy of one Minister for Finance was, "When I have it, I spend it," which was absolutely contrary to the tradition of prudence and caution associated with the credit unions.

The stakeholder forum is of particular merit, but I would like it to be remembered that credit union members paying up to 8.99% interest on loans are also stakeholders. The credit unions are a viable alternative to moneylenders, both legal and illegal. Two other people who paid for their sacrifice and their integrity in trying to hold onto the credit unions were Phil Ryan and Jim O'Crowley, who lost their jobs after taking part in the "Seven Day" programme.

The other aspect of credit unions is their social finance policy. They see that as crucial and as part of the ethos of their operation, which encompasses their not-for-profit status, their co-operative nature, their position within the communities and the potential they have going forward.

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