The Irish credit union movement was founded as a result of the efforts of three dynamic, pioneering and entrepreneurial people, namely Nora Herlihy, from Ballydesmond, a teacher based in Dublin; Sean Forde, an employee of Peter Kennedy Bakers, Dublin; and Séamus P. MacEoin, from Kilkenny, a Civil Servant working in Dublin.
In Dublin in the 1950's, they witnessed the effects of high unemployment: sickness, malnutrition, money-lending, hunger, poor clothing, poor housing, and inevitably, emigration of one parent or of the whole family. In addition, state unemployment benefits were low and did not last indefinitely leaving many families in abject poverty.
The founders recognised the root of the problem as lying in the scare availability and poor management of money and resolved to identify a system that would allow people to gain more control over their finances.
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