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Sr Magdalen Fogarty, pbvm Honoured as Founder of Clann Credo



On Friday 27 September 2019 a civic reception was held to honour Sr Magdalen Fogarty, pbvm as Founding President of Clann Credo – Community Loan Finance. The reception was hosted by the Mayor of Kilkenny, Cllr Martin Brett, in conjunction with Kilkenny County Council. 

Paul O’Sullivan, CEO of Clann Credo, described Sr Magdalen as a “real visionary” and explained that she had worldwide responsibility for the finances of the Presentation Order. “In that role, she started wondering how can we make sure that finance is working for justice and equity so she set up Clann Credo to do it directly herself,” he told KCLR News. 

Founded in 1996, Clann Credo has provided over €120 million in Community Loan Finance to more than 1,000 projects over the past twenty-three years, creating and sustaining thousands of jobs and strengthening communities nationwide. The finance provided has helped all aspects of community life throughout the country. It has also enhanced the lives of thousands of people and communities through projects that deliver important services like childcare and elder care, as well as social infrastructure like community halls, sports centres and other community centres vital to local life. 

Sr Margarita Ryan, pbvm

Sr Margarita Ryan, pbvm who spoke at the reception said The Presentation Congregation, from its very inception has been blessed with women of vision and courage, who, like Nano Nagle, stood out from the crowd because of their ability to think outside the box in their endeavours to find responses that would promte the greater good of society. Sr Magdalen is one of those women of vision who certainly has stood out in terms of  thinking outside the box and focusing on the greater good. Gifted with a fine business acumen and an ability to manage finances at a high level, Magdalen had an active involvement in financial affairs from as far back as 1973 when she was Diocesan Bursar in Waterford and Lismore. This involvement was intensified when her appointment as the first Bursar General of the Union of Presentation Sisters in 1976, an enormous task that involved her in our many missions around the world. Magdalen always regarded this assignment as a way to support the Sisters in their work throughout the globe. But her travels also opened her eyes to the crying needs of many people and cultures and brought her in contact with a variety of initiatives aimed at community development. Margarita continued to speak about Magdalen’s journey, how her social thinking led to the creation of Clann Credo. She concluded by saying ...your dream has made the dreams of so many others possible. As Presentation Sisters, we are proud of you and we are truely proud of Clann Credo.

To read Sr Margarita’s speech in full, please click here

To read the article published by Catholic Ireland, please click here