Branching out

Branching out

After a quarter of a century in the heart of the town, Ballinrobe Credit Union is thriving

Claire Egan

FROM little acorns, mighty oaks grow. It’s the phrase that best encapsulates the steady rise of Ballinrobe Credit Union, which last Saturday celebrated its 25th anniversary.
Starting out with the paltry sum of £33 in late November 1982, allied with the enthusiastic endeavours of a number of locals, a quarter of a century on the local union has now amassed an astonishing €33 million worth of savings with 8,000 loyal members.
On top of these financial figures, the union now operates out of a state-of-the-art building, complete with boardroom and exhibition facilities, having vacated their original premises in 2004.
Last Friday morning, with customers popping in and out, manager Billy O’Carroll (pictured) recounted how a fortuitous meeting provided the impetus for establishing a credit union in the town.
“I joined a rural development course with Kay Treacy in 1981 which was given by two NUI, Galway sociologists, Chris Curtin and Tony Varley. On the second night of the course, projects were being assigned to everyone in the group and I was delighted with myself as I had managed to avoid getting one, until Chris dropped a leaflet on my table and said ‘Billy, you might look into starting a credit union in Ballinrobe’, I was about to protest when Kay piped up saying, ‘Billy if you help us with our project we will help you with the credit union’. None of us had a clue starting out but we got a lot of help,” he explained.
Help came from all quarters, with locals and those further afield all pitching in to get ‘Project Credit Union’ up and running. Prior to opening, a year was spent pouring over the rules and regulations required for running a financial institution, while convincing the hierarchy of the Irish League of Credit Unions that the town had the requisite capabilities to run one also proved a mammoth task.
“That made us doubly determined to get the credit union off the ground. Definitely, learning the rules and regulations, which are extremely stringent, and knowing the system was tough going but we got a good officer from the credit union to help us out and one year on we got their backing,” said Billy.
The original premises at Main Street were donated by Tom and Kay Treacy, while the assorted interior furnishings were of a colourful variety. Second-hand chairs and tables were sourced from various businesses to kit out the two-room establishment, while a door, which was bound for a renovated cowshed, wound up in the new union offices.
“I suppose one of the things about the credit union here in Ballinrobe is that people come in and there is a fantastic friendly atmosphere. It is very informal but at the same time very professional. You get to know people down through the years, get to know their families and you build up a great rapport with them. In many ways you become a confidante of sorts I suppose,” said Assistant Manager, Mary Feeney.
This year alone Ballinrobe Credit Union has provided over €12.3 million in loans to customers. The figure is staggering considering the predominantly rural hinterland and the absence of large-scale industries found in towns such as Castlebar or Westport.
“We have no major industries as such yet despite that we have a customer base of over 8,000 people. That is a marvellous boost for the town in terms of the amount of people who come in and out from as far away as Tuam, Maam, Clonbur, Tourmakeady and all the towns in south Mayo such as Shrule and Kilmaine. It is a huge draw and we have a customer base made up of people from mid-twenties to those in their late eighties,” explained Billy.
Without the massive marketing and investment power that some of the larger banks possess, the question arises: how safe is one’s money with a credit union as opposed to other financial institutions?
“Credit unions are tightly regulated. We have a board of directors and a supervisory committee who review all transactions, not to mention the fact that the Irish League of Credit Unions carry out their own audit on a regular basis. On top of that, we have installed the very latest in computer technology here in Ballinrobe, along with an off-site back-up system, which means that all data regarding any customer is stored in a secure system. Say for instance if the building burned down and everything was destroyed, we would still have all of our customers’ information,” said Billy.
Opening five days a week, Tuesday to Saturday, with a full-time staff of five, BCU plays an active role in community life, donating to local charities, sponsoring sporting events and teams and constantly lending support to a plethora of initiatives.
Ambitious plans lie ahead and top of the list is the provision of an ATM service to complement a host of existing services ranging from loan and savings accounts to insurance and foreign exchange.
“We are looking into that at the moment and hope to have it installed by 2008. The service is working very well in both Westport and Castlebar. Along with an ATM service, we would hope to put in place an Electronic Funds Transfer (EFT) which would allow people to pay their wages in, while internet banking is also something we are determined to establish,” said Billy.
An initial financial outlay of £33 in 1982 morphed to £33,000 12 months later. Twenty-five years on – numbers aside – BCU has grown, akin to a mighty oak, and is reaching out to all branches of the south Mayo community.