Co-ops generate €15bn annually

THE co-operative movement in Ireland is not dying out and is generating more than €15 billion in annual sales.

This is according to a study on co-operatives in Ireland which was presented yesterday at UCC as part of the annual Irish co-operative forum.

Bridget Carroll of the Centre for Co-operative Studies at UCC said co-operatives now employ over 20,000 people in Ireland and have 3.5 million members.

“Clearly this is a very important sector in Irish society. We talk about promoting diversity in society but this is not the case in the business world and the issues surrounding people’s views of co-operatives need to be tackled,” said Ms Carroll.

The study found that the agricultural and food co-operative sectors have an annual turnover of over €11bn, while the credit union movement has an annual turnover of €3.6bn.

“The credit union movement in Ireland is the envy of many countries around the world and has a key role in the economic and social development of Irish society,” said Ms Carroll.

She added that when the impact of co-operatives on Irish society are evaluated they add up to a very significant figure in economic terms, She said that something needs to be done to change people’s perception of co-operatives as an old fashioned way to operate.

The head of the legal department at The Irish League of Credit Union (ILCU), John O’Halloran also spoke at the forum and said the ILCU has commenced a process of consultation with its member credit unions to seek new legislation for credit unions.

Also speaking was Dame Pauline Green, the co-president of Co-operatives Europe. Ms Green said that co-operatives worldwide employ more than 100 million people, which is more than the world’s multinationals.