The main aim of this study is to examine Irish credit unions in terms of the extent to which they contribute to financial inclusion. The study will place particular focus on examining the credit union loan product and will compare it with the product and service offered by moneylenders. Some research on moneylenders in Ireland has already been completed: Daly and Walsh (1988), Quinn and McCann (1997), Quinn and Ní Ghabhann (2004) and Conroy and O’Leary (2005).
In terms of the credit union, the authors are not aware of any research that examines Irish credit unions in terms of financial exclusion or inclusion. There is, however, growing interest in financial exclusion in Ireland, principally from the Irish Financial Regulatory Authority (IFSRA), with particular focus on financial literacy. Thus, this study, which brings credit unions and moneylenders into a discussion of financial exclusion and inclusion in Ireland, is both timely and relevant.
Contents
Section One Background to the Study
- 1.1 Introduction
1.2 A short note on financial exclusion
1.3 Access to credit
1.4 The study
1.5 Layout of the study
Section Two Research Methods
- 2.1 Introduction
2.2 Collection of data
Section Three The Extent of Moneylending in the Study Areas
- 3.1 Introduction
3.2 Characteristics of the overall sample
3.3 Characteristics of respondents who are credit union members
3.4 Characteristics of respondents who borrow from moneylenders
3.5 Impact on the local economy
3.6 Conclusion
Section Four Comparing Moneylenders and Credit Unions
- 4.1 Introduction
4.2 Credit unions, MABS offices and moneylenders represented in this study
4.3 Perceptions of the key witnesses on why people use high-cost credit from moneylenders rather than borrow from a credit union
4.4 Analysis of the credit union service in terms of its contribution to financial inclusion
4.5 Current initiatives from credit unions focusing on low-income groups
4.6 Conclusion
Section Five Conclusion and Recommendations
Appendix
Bibliography
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