Navan Credit Union founders reminisce at book launch

Past and present office-holders with St Mary"s Credit Union, Navan, gathered last week for the launch of an impressive new book commemorating 45 years of the institution. The colourful and well-illustrated book offers an insight into the founding and operation of St Mary"s Credit Union since 1962, with reflections and reminiscences from Michael F Woods, founder member, director and secretary who served as manager for over 30 years; James Watters, the present manager, past and present directors and presidents, as well as Patrick Farrelly, John O"Grady, and Paul Leech, the architect of the impressive CU headquarters on Kennedy Road. Michael Woods outlined his memories and recalled the difficulties encountered by ordinary decent working people trying to get credit. Before the credit union arrived, no credit was available to ordinary people despite a person"s good character and standing. 'My feeling that something needed to be done to give ordinary people access to credit goes back to the late 1940s,' he said. 'In January 1961 I read in the Irish Independent that a Miss Nora Herlihy had just returned from the United States where she had been working with credit unions. 'She had been studying their operation and development and was busy introducing the idea to Ireland. She sent me some leaflets, and small booklets. 'She suggested I write to Mount Carmel Pueblo Credit Union in Colorado. They sent me boxes of booklets and leaflets as well,' he said. Having studied them for some time, Mr Woods began to look around for some people with whom he could share his enthusiasm and determination to start a credit union in Navan, and convened a meeting in the Young Women"s Hall, Fair Green, Navan, on 12th November 1962. 'We built up a group of 14 or 15 people, most of whom attended the weekly meetings to study the constitution and by-laws of St Colmcille"s (Kells) Credit Union, under the chairmanship of Fr Farrell, with the purpose of drawing up our own constitution and by-laws. 'Among the initial membership, were 100 or so local people and supporters who were prepared to invest in the share capital of the credit union. 'This money amounted to £1,000 in total and, from this fund, we were able to start granting loans to members. The first loan granted amounted to £50 which was borrowed to put a new engine in a Ford Anglia car.' For two hours on Saturday nights at the old Foresters" Hall, the credit union introduced itself to the people of Navan. Members found they could borrow money because they were honest and decent people. In those early years, it was the character and integrity of the borrower that was their security, as is the case today. 'Later, we rented an office at 8a Ludlow Street from Mr Tom McLoughlin. We were open for business on Friday and Saturday nights. We eventually secured a new office on Bakery Lane from Mrs Reilly, who owned the Arcadian Cafe (on Trimgate Street), for a rent of £5 per week. We extended our office hours,' recalled Mr Woods. In 1967, Mr Woods was appointed manager and the Credit Union considered purchasing its own property, 37 Railway Street, bought for £1,700. In October 1973, the then President of Ireland, Erskine Childers, officially opened the newly extended premises. As the credit union outgrew its Railway Street office, the board had no option but to examine the feasibility of building a larger premises to cater for the needs of members into the 21st century. 'We moved in 1988 into the offices at Kennedy Road, which is a tribute to successive boards of directors and staff, as well as the people of Navan who are members of the credit union. 'The fact that this project was financed out of our own resources is a tribute in itself to the self-help philosophy,' he added.