Credit unions the ‘children of adversity’

CREDIT unions were described as “children of adversity” at a weekend conference and book launch in Newmarket, Co Cork.

Both events honoured credit union pioneer Nora Herlihy (1910-1988) and were hosted by IRD Duhallow Women’s Forum.

Independent consultant Finbarr McCarthy said the need for credit unions is increasing in the recession.

“Credit unions are children of adversity. They must survive the good times to be there in the bad. We have survived the good times and we are certainly into the bad times now,” he said.

Mr McCarthy, whose father Tom is a former Irish League of Credit Unions president, described credit unions as people working together.

Carol Power of the Centre for Co-operative Studies, UCC, outlined the role of credit unions in tackling rural poverty, including the provision of basic financial services, financial education, money management guides, and measures to help the vulnerable.

She said future priorities for credit unions must include financial inclusion for all and the retention of current levels of service in rural communities.

Duhallow Women’s Forum chairperson Judy O’Leary said Nora Herlihy had left a powerful legacy in the Credit Union movement and will be further honoured with a sculpture in her native Ballydesmond next year.

The conference was also told that the concept of self-help that Ms Herlihy pioneered is once again flourishing in her home region.