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Official Potential for CU movement to help Irelands recovery
DUBLIN, Ireland (3/14/11)--There is huge potential for the credit union movement to help Ireland’s economic recovery, according to new Ireland Junior Minister Sean Sherlock. Sherlock was appointed Minister of State for Research and Innovation at the Department of Enterprise, Jobs & Innovation and the Department of Education and Skills Thursday (The Irish Examiner March 11). There is significant promise for a link between community enterprise boards and credit unions to get businesses up and running, he said. A new commission will look at the future of the credit union movement, in which credit unions hope to get money flowing back into communities, Sherlock told the newspaper. The credit union movement has major potential, he added. Research and development initiated at University College Cork and the Tyndall Institute should be expanded nationwide, he added. His role is to make sure the work of UCC and Tyndall can be replicated nationwide, and also to commercialize the research, Sherlock told the paper. Credit unions ought to be examining how to change the research and development tax credit to make things more accessible to smaller businesses, he added. If credit unions can commercialize research, then they will be be helping innovation, Sherlock concluded.


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