1970’s "A New Era for the fledgling Credit Union" In the late 60s and early 70s there was still a prejudice against credit unions from mainly the so called middle and upper classes. They were seen as the ‘poor-man’s bank’. In fact members were often at pains to disguise the fact that they belonged to a credit union lest their neighbours found out and their respectability was damaged. Some people even requested that the large office windows at Gracefield Road be equipped with Venetian blinds to prevent onlookers from seeing who was seeking a loan. Their petition was, in fact, duly granted!

In the late 60’s and 70’s the Credit Union actively participated in community activities by financially supporting local sporting, cultural and social events. During these times the Credit Union worked hard to increase the numbers of volunteers and members joining the Credit Union.

The next major expansion came when it was agreed to include Bonnybrook and Kilmore, a part of Coolock not yet incorporated into the Common Bond. This new area was initially serviced from Bonnybrook School which soon proved wholly inadequate for the task. Trawling around for more permanent premises the board hit on a relatively novel idea for its time. Northside Shopping Centre, one of Dublin’s earliest shopping centres, would be an ideal location, as indeed it proved to be. However, at first the management of the centre thought otherwise. They baulked at the idea of what was then considered to be a rather down-market organisation taking up a unit and were afraid other retailers would object to having long queues standing in the mall. These fears proved to be entirely without foundation and common sense prevailed. In 1971 a unit was secured on the first level and business to the credit union soared, a momentum that has lasted down to the present day.

After nine years of dedicated service Willie Kehoe, as a result of moving house outside of the common bond, retired from the credit union in 1974. This was also a very difficult year for the organisation. Membership dropped by almost 1,000 members, mainly because rampant inflation had made the granting of loans more difficult. Lack of loan availability caused a knock-on decrease in income from interest charged. All this, including a larger then normal expenditure for access to a much-needed computer system, contributed to a loss of over £10,000 (equivalent to nearly €200,000 at today’s values). 1975 saw an improvement but for the second year running no dividend on savings could be paid. In fact dividends would be withheld until 1981.

The late 1970s, memorable for all the economic downturns and unemployment issues, proved to be a testing time for the credit union. Efficiencies, rationalisation and stringent cost management coupled with a growing programme of community involvement and member satisfaction on the loans front helped to strengthen and prepare the directors, staff and volunteers for the challenges of the 1980s.