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Irish Times
an hour ago
- Business
- Irish Times
How can we stop corporate gombeen men running amok again? Credit unions could be the answer
One of the pioneers of co-operative societies in Ireland, Horace Plunkett (1854-1932), established his first co-operative creamery at Ballyhahill, Limerick , in 1891. He raised the hackles of 'gombeen men', the trader money lenders who thrived on the isolation of individuals in need of finance and charged them crippling interest rates. Plunkett's efforts, helped by others such as writer and artist George William Russell and the Jesuit Fr Tom Finlay, included the establishment of agricultural credit societies, sometimes called village or land banks, of which there were 268 by 1908. They were the forerunners of the modern credit unions . Plunkett's biographer Trevor West has suggested one of his aims in reorganising rural commerce was to restore 'a sense of dignity, a spirit of self-reliance, and an air of optimism'. Fifty years later, Nora Herlihy from Cork , a teacher in Dublin from 1936, devoted to underprivileged students and disturbed by the poverty surrounding them, established an exploratory group, the Credit Union Extensive Services, at her house in Phibsborough. She encouraged a group of neighbours to form Ireland's first credit union in Donore Avenue. John Hume in Derry in the 1960s also played a key role in the credit union movement, which he regarded as one of his most important jobs. By 1975, there were 453 credit unions in operation, including 93 in Northern Ireland , performing, in the words of Plunkett, 'the apparent miracle of giving solvency to a community composed almost entirely of insolvent individuals'. At the time of Herlihy's death in 1988 there were almost one million members in more than 500 branches; today, credit unions affiliated to the Irish League of Credit Unions (ILCU), under one of its slogans, 'For Living, Not Profit', have 3.6 million members throughout Ireland. READ MORE Credit unions worked in spite of initial official scepticism. The Irish banking commission in 1938 was dismissive of the idea the State could perform any useful function in relation to co-operative agricultural credit, while the much lauded blueprint Economic Development by TK Whitaker in 1958 asserted that 'history affords no support for the belief that co-operative credit societies can be successfully established'. With the Credit Union Act of 1966, however, came statutory recognition of the co-operative concept. This week, as Allied Irish Bank reverted to full private ownership, it was revealed mortgage lending by credit unions i ncreased by 34 per cent to €632 million in the three months to the end of March, compared with the same period last year. The total credit union loan book now stands at €6.08 billion, its highest since 2008. ILCU chief executive David Malone said the group was 'eagerly awaiting' changes to the Central Bank's lending rules, which could see credit unions treble their mortgage lending from the current cap of €1.9 billion on the back of a proposed new loan limit of 30 per cent of total credit union assets on house lending. Malone has made much of harnessing the 'collective might' of the credit unions: 'We get our funding from our members' savings. We don't have corporate shareholders, and we are not subject to quarterly results forecasts.' Some within the credit union movement will have reservations about such expansion, given the historic rootedness of the credit unions in the community, dealing with smaller scale financing. However, with the stranglehold of the pillar banks on mortgage lending, it is surely a positive to see member-owned financial institutions making inroads in this area. [ How AIB went from boom to bust and back again Opens in new window ] This week AIB stated it 'profoundly regrets that the institution had to be rescued by the State almost two decades ago and owes an immense debt of gratitude to Irish taxpayers for the support provided during that challenging time.' Indeed it does. AIB recorded a profit after tax of €2.35 billion last year; its new mortgage lending was up 14 per cent to €4.5 billion, reflecting a mortgage market share of 36 per cent, while total new lending increased by 17 per cent to €14.5 billion. Last year, AIB and Bank of Ireland had a combined mortgage market share of more than 75 per cent while credit unions held less than 1 per cent. Corporate gombeen men ran amok during the Celtic Tiger . The Irish banking management culture was reprehensible in relation to customer charges, interest rates, facilitation of tax evasion and calamitous risk taking. Patrick Honohan , governor of the Central Bank from 2009 to 2015, subsequently wrote Currency, Credit and Crisis: Central Banking in Ireland and Europe (2019) , highlighting an enduring culture of corporate entitlement, limited capacity 'to achieve decisive reforms of culture', deferential regulators, lenient responses to abuses, and a Central Bank that had been far too passive. Theologist and philosopher Gabriel Flynn summed up the consequences: with 'the banking sector dominating societal decisions or overriding other community considerations, the inevitable result is an infringement of human dignity'. It is to be hoped that a greater role for credit unions might lead to a diluting of such violations.
Irish Independent
9 hours ago
- Sport
- Irish Independent
Shane O'Brien misses out on match-day squad as John Kiely reveals hand for Dublin showdown
Shane O'Brien misses out on the match-day 26 for Limerick's All-Ireland quarter-final against Dublin, with John Kiely naming an unchanged starting 15 for the game.
Irish Examiner
10 hours ago
- Sport
- Irish Examiner
Limerick name unchanged starting side for Dublin clash
Shane O'Brien is the only player missing from Limerick's Munster SHC final squad as John Kiely has named the same team that began that agonising defeat to Cork for Saturday's All-Ireland quarter-final against Dublin. Effin's Fergal O'Connor comes in for O'Brien on the bench for the trip to Croke Park as Aidan O'Connor is set to continue in the full-forward line. Twelve of the team that began Limerick's previous visit to Croke Park, last year's All-Ireland semi-final loss to Cork, are named to start. Due to injury, Barry Nash was one of the absentees 11 months ago. LIMERICK (SHC v Dublin): N. Quaid; S. Finn, D. Morrissey, M. Casey; D. Byrnes, K. Hayes, B. Nash; A. English, W. O'Donoghue; G. Hegarty, C. Lynch (c), T. Morrissey; A. Gillane, A. O'Connor, D. Reidy. Subs: S. Dowling, P. Casey, C. Coughlan, S. Flanagan, D. Hannon, B. Murphy, F. O'Connor, D. Ó Dalaigh, D. O'Donovan, P. O'Donovan, C. O'Neill.
RTÉ News
11 hours ago
- Climate
- RTÉ News
All-Ireland SHC quarter-finals: All You Need to Know
SATURDAY All-Ireland SHC quarter-finals Dublin v Limerick, Croke Park, 4pm Galway v Tipperary, TUS Gaelic Grounds, 6.15pm ONLINE Live blog on and the RTÉ News app. TV Live coverage of both quarter-finals on RTÉ2 with coverage starting at 3.30pm with highlights on The Saturday Game from 9.30pm. RADIO WEATHER While warm sunshine is expected, a scattering of showers will occur too, some heavy and possibly thundery. Top temperatures of 19 to 25 degrees, warmest across the eastern half of the country, all in a light to moderate southwest wind. For more, visit Six becomes four as the All-Ireland SHC quarter-finals take stage on Saturday. Last year's champions Clare weathered a quarter-final showdown against Wexford and the presence of some big hitters – most notably Limerick – ensures that there's plenty of focus on the two encounters on Saturday. An unfamiliar Treaty route Dublin are aiming to end a 12-year wait for an All-Ireland semi-final spot with their last quarter-final victory actually coming two years earlier when they bettered this weekend's opponents Limerick thanks to a Ryan O'Dwyer first-half hat-trick. Back in 2011, the wait for a last-four spot had been somewhat longer – 63 years in fact – but how they would love to replicate the highs of the Anthony Daly era and return to the latter stages. Nickie Quaid and an 18-year-old Declan Hannon, who finished with a handsome 0-11, tasted defeat that day against a Dublin side that were fancied to build on a league success earlier in the season, even though star attacker Conal Keaney was ruled out days beforehand after a bad motorbike collision, but any thoughts of a repeat result appear fanciful, to put it mildly. If there is to be a shock, goals are required – although their Leinster campaign showed that Dublin at least know where the net is. They hit three goals in four of their five games with Offaly the only side to keep them to less as the Dubs edged a 1-25 to 2-19 opener. It was three again in the preliminary quarter-final win over Kildare last week and Niall Ó Ceallacháin's side will probably need as many to stay competitive here. Those 16 goals have been shared across eight players with Sean Currie leading the way with four while Ronan Hayes has plundered three. It's an attack that will also hope to have Dónal Burke involved in some capacity. The Na Fianna man was part of the squad against the Lilywhites and although he didn't come on, he was warming up. Still no sign of Danny Sutcliffe though who picked up an injury during the Leinster campaign. Limerick enter the game with their fallibility levels really being put through the ringer in their recent clashes with Cork. Dents in the Green Machine apparently after the Rebels ended their five-in-a-row hopes last year, unbeatable after a 16-point destruction of the same opposition in Munster this year before the question marks returned after the provincial final penalty shoot-out loss to Pat Ryan's side. Speaking on the RTÉ GAA podcast on Thursday, Jackie Tyrrell suggested that their aura has dissipated somewhat, although he still thinks they're operating at a really high level. "I don't think that mental baggage that might have been there before when it comes to 60 minutes and Limerick turn the screw, I don't think that's probably as strong as it was before," he said. Unsurprisingly, manager John Kiely has taken it all in his stride, talking about the side dusting themselves down and going a different route with their last quarter-final coming in 2018. Cian Lynch was preaching similar at a media gig last week – just one more knock-out game on their plotted path to the top. Not one player in the Limerick dressing room has a championship win against Dublin – Quaid joining the panel a year after their last success in the dramatic 2009 season – with Dublin winning that 2011 quarter-final as well as a 2015 qualifier. It's hard to see that statistic staying the same at Croke Park with the winner set to face Kilkenny. Tipp aiming to build on season of goodwill Galway have dominated this rivalry in recent times, winning four of the last five championship meetings, but there has undoubtedly been a stir in the Premier County this season and this is the match to show that in spades. A recent All-Ireland Under-20 crown has only added enthusiasm to a 2025 run that has brought a league final and a Munster campaign that contained just one defeat, after Darragh McCarthy was sent off at the throw-in at Páirc Uí Chaoimh. It's no secret that in recent seasons Liam Cahill has felt let down by the support that has backed the team, but if a genuine shot at a semi-final against Cork doesn't bring them out now, then something is seriously wrong. Tipp hit 3-32 in their facile win over Laois last week, but they could have had half a dozen goals realistically with over-complication, and the woodwork, denying them. A dozen players got on the scoresheet, a nice confidence-booster to carry into this, with Willie Connors excelling at midfield. Jason Forde nabbed 2-04. Crucially, they came through it injury free and Eoghan Connolly is set to return to the squad for Saturday's game having been held back last weekend. Galway, meanwhile, have been quite the conundrum this season, Take out their two games with Kilkenny and it's been pretty positive, but over the two games the Cats managed a combined winning tally of 20 points, and it would have been much more only for a spirited final quarter in the Leinster d ecider at Croke Park. It's that spell of 1-06 without reply late on to open up the possibility of a stunning comeback that will give Micheál Donoghue some solace. When they're on it, they're still one of the best about – the problem is doing it consistently for 70 minutes. They could be without full-back Fintan Burke for this clash with a knee injury – Darren Morrissey likely to replace him - while goalkeeper Eanna Murphy had to retire injured at half-time in the Leinster final. Burke was on media duties this week and said that Leinster loss has been parked. "The sooner we can get over the last game, the better. You spend a day or two looking back and trying to figure out what went wrong and what you can improve on," he said. "Then, the games are coming so fast, you don't have time to ponder. You're back in training and looking forward to the next day." This, of course, is a rivalry that hasn't been short on spice over the decades. With plenty on the line, there could be plenty of physicality on show.
Irish Times
14 hours ago
- Irish Times
Permanent armed patrols in parts of Limerick city as gardaí fear violent feuding poses serious threat to public
'Permanent armed patrols' have been established in parts of Limerick city, while gardaí are also stationed outside some schools as violent fighting between rival families escalates, a court has heard. Gardaí told Limerick District Court that the feuding factions 'pose a serious and active threat' to innocent members of the public as the violence can erupt almost anywhere at any time. As part of the disputes, 'explosive devices have been used to target homes and individuals', with one house having to be demolished after sustaining major structural damage from a pipe-bomb attack, the court heard. A recent wave of pipe-bomb attacks, fire-bombings and drive-by shootings have put gardaí on heightened alert and fearful that someone could be killed. READ MORE The level of feuding has 'necessitated the detailing of uniformed members of An Garda Síochána outside local schools to prevent further escalations and tensions among feuding parties', a detective told the court. The detective said 'permanent armed patrols' have also been established in some places in an effort to curb the violence. Gardaí are investigating a 'huge amount of incidents that are attributable to this feud', including violent disorder, criminal damage, shootings and the use of explosive devices, the detective said. Garda sources said many involved in the feud are addicted to cocaine, which is fuelling paranoia and adding to tensions. Officers have visited a number of people recently to inform them their lives are in danger due to active threats. It is understood gardaí have also intercepted the transport of guns and drugs through the city. Sources said the feud is reaching boiling point, although a number of individuals suspected of involvement have been taken off the streets and remanded in custody. Gardaí are actively monitoring three feuds across Limerick city and county that regularly escalate and de-escalate. However, law enforcement's main concern relates to a row between a criminal family and an organised crime group based on the south side of the city. Some of the individuals linked to the current feud are believed to be closely associated with criminal figures involved in a gang row that left 20 men dead between the late 1990s and mid-2000s.
