New Ross Credit Union gets ready to celebrate its 60th anniversary

The past gives us experience and memories, the present gives us challenges and opportunities while the future gives us hope and vision.

This is certainly true of New Ross Credit Union which is currently celebrating 60 years in New Ross and almost 40 years in their office in Bunclody.

The notion to form a Credit Union in New Ross, was first discussed in the autumn of 1963, with Fr. Jackie Power OSA the driving force. He had heard and read about Nora Herlihy in Dublin, who, along with, Sean Forde and Sheamus McEoin, endeavoured to set up the first Credit Union in Ireland circa 1958.

Nora Herlihy was a primary school teacher from Ballydesmond, which lies on the Cork-Kerry border. Sean Forde worked in a well-known bakery in Dublin City and Sheamus McEoin was originally from County Kilkenny but worked as a civil servant, in Dublin at the time.

Fr. Jackie Power was aware of the poverty in town and the high interest rates charged by money lenders. He contacted like-minded people in the area, with a view to holding a public meeting to promote the concept.

The old residence in the Cherry Brewery Yard, where the Knights of Columbanus met, was the venue where the first probing questions and merits were aired.

Many of the members were in favour of the prospect and agreed to be part of the plan. A public meeting was arranged for December 1963, and took place in the Legion of Mary Hall, Robert Street. Fr. Jackie Power chaired that meeting and they got support from Dr. V. Davidson (Waterford) and Luke Wadding (Wexford).

New Ross Credit Union was formed, having the backing of approximately 80 attendees.

So, this newly-formed Credit Union rented two rooms in the Workman’s Club, Mary Street and opened to the public on January 30th, 1964 from 7.30pm to 9.00pm.

The cost of renting the space was 5 shillings, in ( LSD) ‘£’ money, per week, to be paid each Friday,

The first board was formed with Fr. Jackie Power as Chair, Paddy Candon, as Secretary and Ted McGrath as Treasurer.

Banking facilities was drawn by lot and Bank of Ireland was the one chosen.

Membership of the Credit Union League was then sought and agreed. A Common Bond was drawn up, which included the parish of New Ross.

This fledging Credit Union got publicity in the local newspaper.

As the membership was growing, the facilities at the Workman’s Club were no longer suitable. The board moved the business/opening hours to the Commercial Club, Bridge Street, around February or March 1965, which was immediately accessible to members.

Also, in March 1965, the first Education Committee was established to educate the members and potential members of the advantages of membership of the Credit Union, the operating principles and the value of thrift.

January 1966 saw the board introducing the 3-in-1 accounting system.

In December 1968, the Credit Union in New Ross, was registered as a limited company, trading as, New Ross Credit Union Ltd.

In January 1969 the opening hours were extended to Saturday mornings 10.00am to 12.30pm, in addition to late opening on Friday nights.

February 1969 – an organisation meeting of the Credit Union was held in the Legion of Mary Hall, Robert Street. The purpose of that meeting was to discuss and seek approval to purchase a premises at 26 South Street, which would include a portion of the former Mercy Convent – at a cost of £6,000. This was agreed, which then left the matter of, how to finance this purchase?

In June 1970 a deputation went to Waterford Credit Union and successfully negotiated a loan to purchase the premises at 6% over 8 years.

The Contract of Sale for the new premises was signed at a special meeting of the board on June 12th, 1970.

In February 1971 following a revamp and completed paint works, it was agreed to move into the new office at 26 South Street. It was also agreed to appoint a clerical assistant to operate the new office on a fulltime basis, at a salary of £12.00 per week.

On March 8th, 1971, the first board meeting was held in the new building, and it was decided to appoint Miss Ella Sinnott to the position of Clerical Assistant.

In April 1971 the board agreed to rent 3 rooms on the upper floors. The board also agreed to have the official opening ceremony during Credit Union week, in October 1971.

This happened following an Ecumenical Blessing by Fr. Nicholas Power cc and Canon Lloyd. Fittingly, the tape was cut by Dr V Davidson, chairman of Waterford Credit Union.

Until the appointing of a fulltime staff, all the business of the Credit Union was carried out by volunteers.

Credit Unions then had a treasurer, who was considered the manager, and the only board member to get any financial reward. This was an honorarium agreed by the members at the A.G.M.

At the A.G.M., in 1974, ten years after the founding in January 1964, the chairman told the members that the past ten years had been hugely successful in many ways. Membership was growing and the demand for loans was up on the previous years. He told the members that the average shareholding was £70.00, just £10 below the national average. At the end of 1964, its first year trading, the value of shares was approximately £5,000 and ten years on, they were now valued at £53,000.

In 1974, the board discussed the appointment of a full-time manager. This was agreed, as it would facilitate the board’s plans with the direction they wished to take and expand the Credit Union with better services for its members.

The credit committee report for that A.G.M. told the members the value of the total loans issued was £23,000, of which 75% was for housing.

The chairman called on the members to continue to save, as it enabled the credit committee to loan more. The average car loan was less than £300.

The credit Union has come a long way over the past 50 years!

In 1958, two Credit Unions were formed, in Dun Laoghaire and Donore, the first in the country.

Credit Unions are financial cooperatives, owned and run by its members, they appoint a board of directors to govern the Credit Union on their behalf.

Members save together and lend to each other.

Directors are voluntary, that is one of the basic principles.

Member’s business is personal – directors, board members, oversight, committees, and staff must sign a pledge of secrecy.

Any person living or working in the Credit Union common bond (the geographical area), it trades in, can join their Credit Union.

Credit Unions cater for all ages, from birth to death.

New Ross Credit Union, since its formation in 1964, has enhanced the lives of thousands of people, your friends and neighbours and it will continue to do so.

So let wisdom prevail… Join now… tell a friend and share in the success!