Our history
A community united in purpose
“Our Credit Union did not have to develop a sense of community or convince anyone of the benefits of self-help or the principles of people helping people. The community has demonstrated these values for generations.”
 — Eileen Halligan Jnr
Central Credit Union was born from a deep-rooted belief in inclusivity, empowerment and community solidarity. The vision began with Eileen Halligan Snr, who, after reading about the credit union movement in America and Ireland, was inspired to create a financial institution that prioritised people over profit.
The 1970s and 1980s were a time of great hardship in Liverpool. Between 1972 and 1982, the city lost 80,000 jobs as its manufacturing sector shrank by 50%. Unemployment soared, and the population halved as people left to find work elsewhere. During this time of struggle, the idea of a credit union, where people could support each other financially, became even more vital.
The birth of the credit union
Eileen Halligan Snr never gave up on her dream of establishing a credit union. She shared her vision with her eldest daughter, Eileen Halligan Jnr, who had seen firsthand the struggles of those unable to access fair financial services. Together, they took action.
After a series of small gatherings, they organised a public meeting to discuss forming a credit union. Over 100 people attended, many from Commonwealth countries or Ireland, where credit unions were already an integral part of their communities.
It was at this meeting that they met Jean McAuley.
Jean had grown up with credit unions in Northern Ireland and her sister was a volunteer at Ballyhackamore Credit Union in Belfast, established in 1967. Her experience and knowledge were invaluable. She spoke passionately about the benefits of credit unions and signed up that very night to be part of the steering group, remaining a dedicated volunteer until she passed away.
Our first year
Originally founded as Park Road Community Credit Union, the credit union’s first Chairperson was Rev. Leo Stoker, who was also on the board of The Phoenix Adult Centre (formerly Wellington Road School). Thanks to Rev. Stoker, the credit union secured its first registered office in the Phoenix Centre – a small cloakroom on the top floor.
Next door to the credit union was Sister Hilary, a former headmistress of St. Winifred’s School in Liverpool 8 and the Administrator of the Phoenix Centre. She was known for her strict rules, particularly about keeping her polished floors spotless. Members who came to make payments were often scolded for walking on them, much like naughty schoolchildren. But as the saying goes, beggars can’t be choosers, the credit union was allowed to operate rent-free.
Archbishop Worlock’s support
During our first year, Archbishop Worlock visited the Phoenix Centre and was so impressed with the credit union’s work that he personally donated £4,000, with one condition: the money must be used to benefit members.
At the time, new members had to save for at least 12 weeks before they could apply for a loan. While this helped secure the credit union’s stability, it also meant that many people who needed immediate financial help were being turned away.
To solve this problem, the Board of Directors decided to use the Archbishop’s donation as a loan guarantee fund, ensuring no one was excluded while also protecting members’ savings. The initiative was named The Archbishop Fund (ABF), with interest from these loans going back into the fund to enable the pot to grow.
The first Archbishop Fund loan
One of the first people to benefit from an ABF loan was Marion Scott.
Marion had been referred by the Social Services department housed on the ground floor of the Phoenix Centre. She had a £90 bill to pay but couldn’t afford it, even the £2 joining fee was a struggle. The ABF was created precisely for people like her. The credit union loaned her £90 for the bill and an additional £2 to cover the membership fee.
Marion was a loyal member from then on:
“I have been in the credit union since 1989, and the first time I got a loan from them, I came away so happy. I paid the money each time it was due and saved a little money each week. I had never saved before, and my savings just grew and grew. I have been in the credit union ever since, and I still recommend them to anyone that needs their help.” — Marion Scott
Supporting the growth of credit unions
As the credit union grew, other communities sought help to establish their credit unions. Given the five years it took us to become fully registered, we recognised the need for local support to guide new credit unions through the process.
This led to the creation of the Merseyside Credit Union Development Agency (MCUDA), a dedicated organisation that assists in setting up new credit unions. The Joseph Rowntree Foundation awarded MCUDA a ÂŁ60,000 grant, but matching funds were required.
Two volunteers, Eileen Halligan Jnr and Bo Tsang, took on the challenge of securing additional funding. They approached each of the five borough councils in Merseyside, successfully gaining their support.
Bo later went on to work for Wirral Borough Council, where he played a key role in establishing Wirral Credit Union. Meanwhile, Eileen Halligan Jnr remained at the credit union, now known as Central Credit Union, where she continues to serve as CEO.
Honouring our legacy
From a small cloakroom office to a trusted financial institution serving thousands, Central Credit Union has been built on the dedication and passion of its founding members. Eileen Halligan Snr’s vision, Eileen Halligan Jnr’s leadership, Jean McAuley’s wisdom, and the generosity of Rev Leo Stoker and Archbishop Worlock have all helped shape the credit union. Today, it stands as a symbol of financial inclusion and community support.
Our history is not just about the past. It’s about the values we carry forward. People helping people, financial empowerment and community strength.
