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GAZETTE
JANUARY/FEBRUARY 1995
Credit Unions in Ireland
by Anthony P. Quinn M.A., B.
Comm., B.L. Published by Oak Tree
Press, Dublin, 163 pp. IR£9.95.
Credit Unions are now the fastest
growing sector of the co-operative
movement, having over 88 million
members in 85 countries with savings
of $433 billion. Introduced into
Ireland on the basis of the model
operating in the U.S.A., in 1958, by
the following year there were three
Credit Unions with 200 members
and savings of £415. By the
celebration of International Credit
Union Day on 20th October, 1994,
the publication date of this book,
there were in Ireland 526 Credit
Unions with 1,564,207 members and
savings of £1.4 billion. In the person
of
Gus Murray
(recently deceased),
Ireland had achieved the Presidency
of the World Council of Credit
Unions, was engaged in the spread of
the movement in Poland, the Gambia,
Russia, Nepal and Britain. Under
the auspices of University College
Cork, a course in distance learning
| on the management of Credit
Unions had been established,
programmed to extend its operations
to U.K. centres in 1995. A truly
remarkable achievement for a
small country.
The Credit Union movement is
fortunate in having
Anthony Quinn
as
the author of this Practical Guide
Book in that he has a background in
the co-operative movement, he
worked in the Registry of Friendly
Societies, the State office
which registers and supervises
Credit Unions, and practises at
the Bar.
In the opening chapter Credit Unions
are placed in context as part of the
under co-operative movement in
Europe, Canada and the U.S.A.
Thereafter Credit Unions in Ireland
and the many issues arising are
placed in the context of the relevant
legislation ranging from the
Industrial and Provident Societies
Acts, 1893 - 1978, the Credit Union
Act, 1966, the Companies Acts 1963
1990 and the Consumer Credit Bill,
1994. The case is argued for the
early introduction of a stand alone
Credit Union Act, proposals for
which have been under consideration
in the former Department of Industry
and Commerce and now in the
Department of Enterprise and
Employment, since the early
1970's. While accepting that the
volume of necessary new company
legislation is significant, it is hoped
that the publication of the new
Credit Union Bill will not be long
delayed.
The book describes the key issues
concerning Credit Unions with
particular reference to the statutory
requirements. Specifically the author
comments on the legal basis,
formation, finances, procedures,
meetings, the unique method of
supervision and control of Credit
Unions. He also outlines in detail
Credit Union members' rights and
responsibilities under the rules and
background legislation. Given that in
Ireland Credit Unions are moving
into the mature stage of their
development, this is an area which
will in the future, assume greater
importance, particularly for those of
the legal profession called upon to
advise Credit Unions or their
members.
The book concludes with a
commentary on selected Credit
Unions. That on the Lough Credit
Union Ltd., Cork is particularly
interesting on its efforts to counter the
problem of money lending in its area
of operation. These efforts received
official support from the Minister for
Social Welfare.
The rapid growth of the Credit Union
movement in Ireland was due to the
considerable voluntary effort over the
year of its members drawn from all
walks of society. Now there is a need
j for more active participation by
young people, both men and
women, to ensure the continuation
of Credit Unions into the next
century.
Concluding his comments on the
future, the author stresses the
likelihood of increasing competition
from other financial institutions which
will require a greater level of
professionalism and expertise on the
part of Credit Unions. The
maintenance of a balance between the
professional management and the
energy of voluntary enthusiasts while
fraught with tensions, will be
essential.
Credit Unions in Ireland is an
essential reference book for solicitors
having a Credit Union as a client.
Jim Ivers
n
r
THE IRISH
SOC I ETY FOR
EUROPEAN LAW
Tuesday, 21 February
1995
at 6.30 pm in Room 5,
Newman House,
St. Stephen's Green,
Dublin 2
"TOWARDS
MULRANY 1996 -
THE PRIMACY
OF EU LAW"
Mr. Justice Ronan Keane
43