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- Date of Issue: 23 April, 2008
- Value & Quantity: 55c (.31m)
- Design: Ger Garland
- Stamp Size: 40.64mm x 29.79mm
- Color: Multicolor with phosphor tagging
- Make-up: Sheetlets of 16
- Perforations: 15 x 14
- Printing Process: Lithography
- Printing: Irish Security Stamp Printing Ltd
50th Anniversary of the Credit Union Movement in Ireland
On 23 April, 2008, An Post issued a commemorative stamp to mark the fiftieth anniversary of the Credit Union Movement of Ireland.
The Movement was founded in 1958 in Dublin by Nora Herlihy, Séan Forde and Séamus P. MacEoin and is one of the great success stories of modern Ireland. Since its early days it has grown to its present size of over five hundred credit unions affiliated to the Irish League of Credit Unions. It has a membership of close to three million people - the highest per capita membership in the world, with approx €13bn in savings.
Credid unions are 'not-for-profit' financial co-operatives and are owned by their members. All members have an equal say in how their credit union is run. The interest charged on loans is used to pay the running costs of the credit union, to build up reserves and to pay dividends on members's savings at the end of each year.
Donore Credit Union, Dublin, is Ireland's oldest credit union. It was formed when two sisters from Donore Parish, Eileen and Angela Ni Bhríon, became interested in credit unions and approached their neighbours with the idea. They invited some people to their home and so began a series of meetings throughout the parish. The inaugural meeting of Cumann Muintir Dun Oir was held in the home of Mr. and Mrs. Lewis Lawless. The first weekly collection of money was approximately £7. Donore Credit Union has grown from a membership of 94 in 1958, to 4,653. In their 50 years their savings have grown to €27m.
The stamp and first day cover were designed by Ger Garland.