Credit Union News

Hi folks. After a long absence, I’ve decided to renovate and update my blog. Work has been continuing on my books and I expect to  publish them in 2017.   Part of the reason for the delay has been due to the fact that I’ve been a volunteer for a Credit Union  and undertook a lengthy course of study for both a Certificate and a Diploma in Credit Union Governance. I’m proud to announce that I received 1 Class Hons. in the Diploma and a 2.1 in the Certificate.  The Irish Central Bank recognised that Credit Unions were run by many unqualified individuals and made regulations requiring directors to be subject to a fitness and probity regime.    However, they failed to stipulate that volunteers achieving Diploma status had to be retained on the Board. Perhaps they thought this was obvious  as what business would train personnel only to replace them with untrained newcomers?   It appears however that Credit Unions are run on the old school tie principle or some unknown philosophy and this has led to me being voted off the Board by about 90 out of the 18,000 members.  I wasn’t even allowed to present a proper bio to those handful present at the AGM whereas the other candidates were.    I appealed this state of affairs to the Board on  17 December, 2014.

On 18 December 2014, as I expected, when it came to accepting that they had made an error and correcting it, my colleagues on the Board took the easy way out for them and stuck to what they had already decided. My appeal for justice and good business sense was rejected. However, I agreed to think about using the complaints procedure and to postpone further action until the new year.  Since complaints are heard by members of the board, it can’t be said to be impartial so it’s doubtful if I will try that avenue.

I subsequently decided to take the matter up with the Central Bank but I got no satisfaction from them. The final outcome was that the Credit union lost a qualified director and wasted about €10,000  of members funds on training.