The mutual movement in the Republic will no doubt take heart from an audit of similar groups in Britain which has shown that they are growing in power and influence.
They now have 30 million members, 250,000 employees and account for turnover of more than £25 billion sterling (€38.5 billion).
The report, carried out by the London-based independent think-tank, Demos, found that although the mutual movement had been written off as more and more building societies voted to demutualise, mutuality was still thriving in a huge range of areas in Britain. Childcare, education, community development, crime prevention and community safety and health are among the areas in which mutuals operate.
The report argues that mutuality could be a key ingredient in the emerging vision of a third way in politics and the economy by combining entrepreneurial dynamism and innovation with social inclusion. But it warns that mutuals must respond to changing conditions in order to thrive.
"Only those which can combine a strong sense of membership and collective purpose with an outward-facing, responsive approach to the wider business environment will succeed in the future," Demos says.
