The Irish League of Credit Unions (ILCU) (Irish: Conradh na hÉireann de Chomhair Chreidmheasa[1]) is a trade association for credit unions in Ireland. It operates in both the Republic of Ireland and Northern Ireland. It is an unincorporated body governed by a board of directors elected by member credit unions.
History
The Credit Union movement in Ireland arose out of the Dublin Central Cooperative Society, which was formed in 1952 with the following office holders: Chairman: Thomas Hogan; Secretary: Seamus McEoin, a civil servant; and Treasurer: Eugene O'Riordan, an engineer and native of Macroom, County Cork. The aims and objectives were to promote industry to create jobs.
In 1954 the chairman, Thomas Hogan, died and in the ensuing officer shuffle Seamus McEoin became chairman. Eugene O'Riordan remained as the treasurer and Nora Herlihy, a National School teacher from Ballydesmond, who had recently joined the society, was elected Secretary.
Eugene O'Riordan set up the Dublin Central Co-op investment bank to provide capital for industrial development. A surge of support for the investment bank from America, Britain and the Continent resulted in the secretary becoming fearful of the capacity of the society to handle an investment bank and she proposed that it be discontinued. This was a bitter disappointment for Eugene O'Riordan in particular as it was obvious to him that a chord was struck with the Irish diaspora who wanted to help.