Arthur Walker, the Credit Union (part 0ne)
Arthut Walker, the Credit Union (part two)
“In 1958 Ballyphehane was not, materially speaking, a rich community, but in spite of the economic situation it was a happy community. One item which threatened its wellbeing was an ever-increasing dependence on illegal moneylenders. Family after family were depending on moneylenders as harassed housewives paid over and over again the price of the household furnishings and equipment they had bought on hire purchase…Archdeacon Thomas Duggan was horrified by the extent of the borrowing and felt that it would destroy the spirit of the parish. He approached Bishop Lucey…”
Bishop Lucey, on a trip to America, studied the co-operative Credit Union there and felt it would be a good model for Ballyphehane. The pilot scheme that he brought to Ballyphehane was subsequently replicated all over the country, helping thousands of families avoid the perils and panic that debt brings.
With a credit union you aren’t a customer, you are a member and a shareholder and member, with a vote at the AGM and an annual dividend on your shares.