1967 – 2007 - GREENHILLS & DISTRICT CREDIT UNION CELEBRATING 40 YEARS IN OPERATION
HISTORY:
THE 1950’s
Someone passing Greenhills Credit Union’s premises on St. Peters Road today may not think of it as anything more than a fine building, but to some it represents a triumph of a vision and the dedication of some extraordinary “ordinary people”.
In the 1950’s “ordinary” people did not have bank accounts. Most people were paid their wages in cash. They budgeted for antipated expenses by saving in Christmas Clubs, Coal Clubs, etc. If they needed something expensive, they either saved up for it, got it on Hire Purchase (at a very high interest rate) or borrowed from a moneylender (generally at an even higher rate).
In 1958 the first Irish Credit Unions were founded to help their members to save on a regular basis, make credit available at a fair and reasonable rate of interest and promote the welfare of their communities. With their motto “Not for Profit, not for Charity, but for Service”, the idea soon began to spread around the country.
THE 1960’s
Early in 1967 a few guys conceived the idea of forming a Credit Union. They armed themselves with all the available data and met regularly in each others homes for study groups. They put a few pounds into their Shareholding, held the inaugural Annual General Meeting and were in business.
The first Board of Directors for 1967 were as follows:
· John Whitehead (Supervisor)
· John Byrne
· Frank McHugh
· P.K. O’Reilly (Chairman)
· Tom Sherlock
· Peadar Byrne
· John Hartigan (Treasurer)
· Des Carey
· Tony Shorten
· John Gahan
· James Furphy
· Des Sunderland
· Peter Sherwin
· Ronnie O’Neill
· P.J. Mahon (Secretary)
· Pat Gaffney (Supervisor)
· Des Ryan (Supervisor)
The Board then appointed the first Crdit Committee who would be responsible for members’ loan applications as follows:
· P.J. O’Reilly
· Joe Doran
· Joseph O’Reilly
· Tom Sherlock
· William GahanJohn Byrne
The Barber’s Shop on Peter’s Road was the first premises. The opening hours were Friday evenings and Sunday mornings. An ingenious system of easily stowed plywood hatches and counters was devised – collapsible, and did so regularly. Exhilarating and exciting days; gone, alas forever. The Board meetings were held in the homes of the Board of Supervisors.....no quarter asked or given, and thus began the best example of “People Power” in Greenhills.
The first meeting of the Credit Committee was held on Saturday 3rd February 1968 at the Barbers shop. A total of 11 loans were granted to the total value of £215. By the end of 1968 a total of £21,800 was now out on loan to the members of Greenhills & District Credit Union and by 1969 this figure had grown to £59,700
THE 1970’s
While the Credit Union was growing steadily, premises were becoming a problem. On 30th September 1974 the Credit Union opened its new premises on St. Peters Road (same location as today). This was a considerable achievement at the time and it served the members well for the following 24 years before an extension was added.
With the new premises up and running the Credit Union continued to grow and by the late 70’s there were 3 paid staff members among who was the first Manager (Mr. John Hartigan).
A total of £526,800 was borrowed by members during the year 1979.
THE 1980s
In the late 1970’s and early 1980’s the economy was in poor shape. Inflation was rampant and unemployment was rising, with many others reduced to short-time working. The Credit Union continued to serve its members, frequently rescheduling loan repayments to take account of altered circumstances.
1983 marked another milestone in the Credit Union’s development when the first computer system was inaugurated. This meant that reports could be produced without endless hours of looking through ledger cards and made the administration much easier.
A total of £1,799,700 was borrowed by members during the year 1989.
THE 1990’s
As the 90’s progressed, the Credit Union continued to grow and offer new services to its members, such as Home Insurance, Bureau de Change, Travel Insurance etc.
By the late 90’s it became apparent that the Credit Union was outgrowing its premises and so an extension was planned. The new extended premises at St. Peters Road was reopened on 4th April 1998. The new office was large, bright and spacious and could easily accommodate the growing membership of Greenhills & District Credit Union.
A total of £6,708,700 was borrowed by members during the year 1999.
TODAY
Who would have thought, back in 1967, just how many people would benefit from the “ordinary peoples” inspiration? The countless homes which were furnished and improved, the cars which were bought, children eduated, weddings and other occasions paid for, holidays taken, etc.. are evidence to the people of Greenhills & District of “the incredible power of Co-operation”.
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05 September 2010
