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In the late 1970ís Interest rates had reached an all time high, making it impossible for the working person to borrow money. As a result of this economic situation, in January 1980 a study group was set up in Caherconlish to examine the feasibility of setting up a Credit Union in the area. This groupís first meeting took place in the balcony of the Parish Church. This idea was the brainchild of the late Brendan Crehan, R.I.P of Ballybricken.
The study group was made up of the following committed people:
This group needed help and advice on their undertaking and the study group was greatly assisted by
Matt Heffernan, field Officer of the Irish League of Credit Unions who instructed the group over a twenty five week period
In December 1980 the Credit Union was formally inaugurated. Its common bond are the parishes of Caherconlish, Caherline, Murroe, Boher, Ballybricken, Fedamore, Knockea, Bohermore, Dromkeen, Kilteely, Herbertstown, Hospital, Cappamore, Nicker, Templebraden and Doon.
The name of St Ailbe's Credit Union was adopted as St Ailbe is the patron Saint of the Diocese of Cashel and Emly.