1950’s Ireland was plagued by poverty, unemployment, malnutrition and poor quality housing. The poorest were exploited mercilessly by moneylenders. Determined to do something about this situation, a teacher, a baker and a civil servant recognised that the root of the problem was poor management of scarcely available money. They resolved to find “a system that would enable people to gain more control over their finances.” (The Irish Credit Union Movement - A Brief History, Irish League of Credit Unions 50th Anniversary website, accessed 13th April 2010)
Savings and Investment Bank
The three had met whilst attending one of the first ever adult education classes to be held in Ireland, at University College Dublin. The original aim, in March 1954, was to create employment by establishing workers’ co-operatives. A members’ savings and investment bank was set up to provide finance for the co-operatives. The potential workers were not convinced however – they were not ready to risk their savings providing the capital for an enterprise that might not succeed.
