Irish CU Movement Honours Cork Woman Founder on 50th Anniversary
(Media Release: 13th September 2008)
"a remarkable woman; before her time" - Bob Geldof
"founder of the most successful co-operative movement in Irish
history" - John Hume
Cork woman Nora Herlihy, founder of the Irish credit union movement, was honoured today (13 September 2008) at a special wreath-laying ceremony and plaque unveiling in her home place of Ballydesmond by Uel Adair, President of the Irish League of Credit Unions.
Speaking at the unveiling, Uel Adair said "Irish credit union members - and
indeed the Irish people - owe an enormous debt to the vision and courage of
Nora Herlihy in starting this unique national movement".
Currently celebrating 50 years serving communitites all over Ireland, development of the Irish credit union movement was spearheaded by a Ballydesmond born national school teacher working among disadvantaged children in 1950's Dublin. Nora Herlihy was moved by the sight of families suffering the effects of high unemployment, malnutrition, money lending, poor housing and clothing.
Families were being torn apart by a whole range of social and personal problems. Nora recognised the root of the problem as lying in the scarce availability and poor management of money and resolved to identify a system that would allow people to gain more control over their finances She saw the key as access to affordable personal finance, loans and other low-cost financial services which not only make personal and community development possible but also create essential social capital in the community.
The Irish credit union movement started in 1958 when a small group of dedicated individuals pooled their meagre financial resources in a determined move to make essential financial services available on a non-discriminatory basis from within the community. And so it was that the Irish credit union movement began to impact Irish society with its very first experience of micro-finance.
As Bob Geldof recently said of Nora Herlihy - "a very contemporary
woman".
Nora Herlihy died on the 7th February 1988.
The unique legacy of Nora Herlihy and her contemporaries is seen today in the 521 Irish credit unions who have almost 3 million members and €15.1bn in assets - and who are also Ireland's leading providers of social finance with over €750m loaned out to help build social capital in communities all over the country.
Today's events commenced with a Mayoral Reception, hosted by the Mayor of Kerry, Cllr. Tom Fleming at the office of Rathmore Credit Union, followed by Concelebrated Mass by the Bishop of Kerry, Very Rev. Bill Murphy in St. Patrick's Church, Ballydesmond. Later, a banquet was held in the Dromhall Hotel, Killarney.
Uel Adair (President ILCU) said "50 years successfully serving communities in
Ireland is a wonderful achievement". "But as Ireland goes through enormous
social and economic change, credit unions are determined to continue offering
their members the affordable, relevant services and products they require" he
added.
Explore this special 50th anniversary website for more information on the development of Ireland's successful credit union movement.
Note:
The Irish League of Credit Unions is the representative body for 521 credit unions on the island of Ireland. Credit unions are Ireland's successful financial co-operatives run by - and for - their almost 3 million members. Credit unions hold €13.4 bn of savings; €15.1bn in assets and (at over €750m) are Ireland's leading providers of social finance.
For further information, please contact: Stuart M. Kenny (Tel: 01 2869138 / 087 2619658)
