The Credit Union Story

The modern credit union movement can trace its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved into Credit Unions. The purpose of these Credit Unions was to enable people to help themselves in relieving debt and poverty. A credit union is a democratic, financial co-operative owned and controlled by its own members with each credit union is run for the benefit of its members, all of whom have something in common - the Common Bond.

The credit union movement was first introduced into Ireland in 1958 by Nora Herlilhy with the support of a number of other dedicated pioneers. Since then, the credit union philosophy of mutual self-help has proved very popular and there are now over 450 credit unions affiliated to the Irish league of Credit Unions throughout the island of Ireland. In Ireland over three million members have recognized the value of credit unions and have savings approaching several billion euro with their credit unions. There are hundreds employed in the sector and many thousands have  volunteered their services in the movement.

The Credit Union Mission

The mission of every credit union is to promote the financial well being of its members. In order to achieve this goal , credit unions are committed to providing a broad range of financial services supported by excellent member care from dedicated and well-trained staff. These services are administered in accordance with sound management practices in order to maintain the financial strength of the credit union. Credit Unions in the Republic of Ireland are regulated entities and are regulated by the Registrar of Credit Unions , which is part of the Central Bank of Ireland.