What is a Credit Union?
A Credit Union is a non-profit making financial co-operative owned and operated by its members, within a common bond. Its purpose is to help members with their day to day financial needs through regular savings and fair and affordable access to loans.
Aims of a Credit Union:
- The promotion of thrift among members by the accumulation of their savings.
- To provide loans for the benefit of members at a fair and reasonable rate of interest.
- The use and control of members’ savings for their mutual benefit.
History of Credit Unions
The modern Credit Union movement traces 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. The Credit Union Movement was introduced into Ireland in 1958 by Nora Herlihy with the support of a number of other dedicated pioneers.