Credit unions’ chief defends common bond
The concept of the common bond is a fundamental and distinctive feature of credit unions worldwide and remains a powerful structure at a time when traditional community structures are breaking down.
The 1997 Credit Union Act enshrines the concept of the common bond for credit unions.
Mr Hobbs, for some inexplicable reason, seeks to represent this concept that underpins the credit union movement as somehow cartel-like and anti-competitive.
Not only are credit unions community-based, but they are managed from within their community. Every member is entitled to vote at the credit union’s annual general meeting and, if he or she so wishes, may seek election to the board of directors and supervisory committee of the credit union.
Members unhappy with the services provided by their credit union can use these positions to deliver real change. Such empowerment isn’t very evident in other financial institutions.
Nearly fifty years after the first credit union was opened in Ireland, there is little evidence to suggest that credit union members feel “entrapped” by the common bond. Indeed, it remains an essential part of one of the great Irish success stories.
John O’Regan,
President,
Irish League of Credit Unions,
33-41, Lr Mount Street,
Dublin 2.
