Greater Government engagement with Credit Unions could help support jobs and indigenous businesses in Cavan and Monaghan

I raised the prospect of engaging with credit unions to further job creation in towns and villages with Minister Heather Humphreys in Seanad Éireann.


“Having read a proposition by a Mr. McLoughlin, who is involved in community development in County Offaly, which stated that 1% of credit union moneys or lending potential should be directed towards local job creation initiatives, I raised this issue in the Seanad with my constituency colleague Minister Heather Humphreys.


“I believe this proposition to be an interesting one, which would create greater levels of inward investment in our local towns and villages, and therefore support indigenous business in Cavan and Monaghan, furthering local job creation.


“In particular, such an initiative may be beneficial in supporting the agri-food industry in Cavan and Monaghan in particular, given the challenges this sector is currently facing.


“Say for instance a credit union, as outlined by Mr. McLoughlin, had €25 million in resources, utilising 1% of such resources to support job initiatives in a local town or village would actually amount to €250,000 being made available to support job creation and local business in the vicinity of that one credit union alone.


“With the Minister’s experience in the credit union movement, I was pleased to raise this proposition with her directly. I have appealed to the Minister to examine the feasibility of this proposal and I look forward to further engaging with Minister Humphreys on this matter in the future.”


Senator Joe O'Reilly representing Cavan & Monaghan 2010. | An ExSite website