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About Us History

Kevin O’Connell started working for RTÉ in the sixties. He had a keen interest in the credit union movement and discussed with colleagues the ideas on his mind, in particular to John Kelly who also had an interest. Kevin set up a meeting in the Powers Hotel to which he invited Nora Herlihy. Nora was founded secretary of The League of Credit Unions in Ireland in 1960 and was voted as the person who made the biggest contribution to the Irish Credit Union movement. Kevin knew she would be of great assistance and benefit to them.

The first preliminary meeting was held in the RTÉ Club House, Ely Place on November 5th, 1964. At that first meeting Officers of the Board were appointed. The president of St. Josephs Credit Union, David Norrison, attended that meeting giving great guidance and help as St. Joseph’s, Aer Lingus, was an already established industrial credit union. The next step was to get members to join. The Board spent endless hours whenever possible informing RTÉ staff about this new idea. They set up collection points around the area so staff could make their payments. No office had been yet been established. Within one year the membership stood at 171 with £2065 in shares and £1969 outstanding loans.

RTÉ Credit Union was formally admitted membership to the Credit Union League Board in November 29th, 1964, which also entitled them to join Cuna Mutual to insure members’ loans and shares. This meant if a member died their loan would be cleared and depending on their age shares may be increased. This is of great benefit to members of credit unions, it means less worries for their dependants.

With so many people now joining the credit union it was time for them to think of employing a Book-Keeper to bring the financial records up to date. Also an office on the RTÉ complex had been given to the credit union. In the late sixties, one full-time person was employed and one part-time to help the Board with the extra work load. Members were now starting to learn about credit unions and how they operate. A Credit Union is a co-operative. Members save regularly, get credit from the pool of savings when they need it, savings and loans are insured. This information helped staff realise that RTÉ Credit Union was not just another financial institution but a way of helping their fellow workers in need. By 1970 the membership had risen to 717 members with shares of £46,085 and loans outstanding of £51,996. As recommended by Mr. Norrison at the first meeting in 1964 the Credit Union also started Payroll Deductions with the help of RTÉ Financial Controller Mr. Finn.

At the A.G.M. in March 1970 it was decided to investigate the possibility of starting a Budget Scheme, which meant members could allow a certain amount annually for payment of bills, and repayments would be divided over the year. One member of the Board was to investigate this idea. He contacted David Norrison of St. Joseph’s Credit Union, who was at the time running a Budget Scheme. Over the next few months more information was gathered from Irish Civil Service Credit Union, Independent Newspapers Credit Union and also private Budget Scheme operators. The Budget Scheme was then started January 1st, 1971 with 120 members.

Since the 1960’s RTÉ Credit Union Ltd. has become a well established financial institution and now boosts a membership of over 4,000 members. We offer an expanded Budget Scheme, which is very helpful for members and also a wide range of competitive loans to facilitate members through the various stages of life cycle requirements.

Find Us here:
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  • RTÉ Credit Union Limited
  • Tel: 01 208 2628
  • Fax: 01 208 2128
  • Email: info@rtecu.ie
  • Web: www.rtecu.ie
Regulated by the Central Bank of Ireland. Reg. No. 60CU