The Gazette 1995

GAZETTE

JANUARY/FEBRUARY 1995

placed in the context of the relevant legislation ranging from the Industrial and Provident Societies Acts, 1893 - 1978, the Credit Union Act, 1966, the Companies Acts 1963 1990 and the Consumer Credit Bill, 1994. The case is argued for the early introduction of a stand alone Credit Union Act, proposals for which have been under consideration in the former Department of Industry and Commerce and now in the Department of Enterprise and Employment, since the early 1970's. While accepting that the volume of necessary new company legislation is significant, it is hoped that the publication of the new Credit Union Bill will not be long delayed. The book describes the key issues concerning Credit Unions with particular reference to the statutory requirements. Specifically the author comments on the legal basis, formation, finances, procedures, meetings, the unique method of supervision and control of Credit Unions. He also outlines in detail Credit Union members' rights and responsibilities under the rules and background legislation. Given that in Ireland Credit Unions are moving into the mature stage of their development, this is an area which will in the future, assume greater importance, particularly for those of the legal profession called upon to advise Credit Unions or their members. The book concludes with a commentary on selected Credit Unions. That on the Lough Credit Union Ltd., Cork is particularly interesting on its efforts to counter the problem of money lending in its area of operation. These efforts received official support from the Minister for Social Welfare. The rapid growth of the Credit Union movement in Ireland was due to the considerable voluntary effort over the year of its members drawn from all walks of society. Now there is a need

j for more active participation by young people, both men and women, to ensure the continuation of Credit Unions into the next century. Concluding his comments on the future, the author stresses the likelihood of increasing competition from other financial institutions which will require a greater level of professionalism and expertise on the part of Credit Unions. The maintenance of a balance between the professional management and the energy of voluntary enthusiasts while fraught with tensions, will be essential. Credit Unions in Ireland is an essential reference book for solicitors having a Credit Union as a client. THE IRISH SOC I ETY FOR EUROPEAN LAW Tuesday, 21 February 1995 at 6.30 pm in Room 5, Newman House, St. Stephen's Green, Dublin 2 "TOWARDS MULRANY 1996 - THE PRIMACY OF EU LAW" Mr. Justice Ronan Keane Jim Ivers n r

Credit Unions in Ireland

by Anthony P. Quinn M.A., B. Comm., B.L. Published by Oak Tree Press, Dublin, 163 pp. IR£9.95. Credit Unions are now the fastest growing sector of the co-operative movement, having over 88 million members in 85 countries with savings of $433 billion. Introduced into Ireland on the basis of the model operating in the U.S.A., in 1958, by the following year there were three Credit Unions with 200 members and savings of £415. By the celebration of International Credit Union Day on 20th October, 1994, the publication date of this book, there were in Ireland 526 Credit Unions with 1,564,207 members and savings of £1.4 billion. In the person of Gus Murray (recently deceased), Ireland had achieved the Presidency of the World Council of Credit Unions, was engaged in the spread of the movement in Poland, the Gambia, Russia, Nepal and Britain. Under the auspices of University College Cork, a course in distance learning | on the management of Credit Unions had been established, programmed to extend its operations to U.K. centres in 1995. A truly remarkable achievement for a small country. The Credit Union movement is fortunate in having Anthony Quinn as the author of this Practical Guide Book in that he has a background in the co-operative movement, he worked in the Registry of Friendly Societies, the State office

which registers and supervises Credit Unions, and practises at the Bar.

In the opening chapter Credit Unions are placed in context as part of the under co-operative movement in Europe, Canada and the U.S.A. Thereafter Credit Unions in Ireland and the many issues arising are

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