History

The Credit Union movement traces its origins to Germany in the middle of the 19th century. Friedrich Wilhelm Raiffeisen and Herman Schulze in different parts of Germany formed societies that later evolved into Credit Unions. The purpose of these Credit Unions was to enable people to help themselves in relieving debt and poverty.

Fifty years later the movement crossed the Atlantic to the USA, Canada and the West Indies.

Credit Unions in the UK

Credit Unions in this country had a very slow start. The first Credit Union was established

in Wimbledon in 1964 by West Indian immigrants who brought the idea from their homeland. Similarly Irish immigrants to Scotland started a number of Credit Unions at the same time.

Credit Unions gained momentum in 1979 when the Credit Union Act was passed.

Since then the Credit Union philosophy of self-help has proved very popular.    In the UK over 977,072 members have recognized the value of credit unions, and have savings approaching £110,728,000 with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.

Credit Unions In Ireland

The Credit Union movement was introduced into Ireland in 1958 by Nora Herilhy 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 530 Credit Unions affiliated to the Irish league of Credit Unions throughout the country.

In Ireland over two million members have recognized the value of credit unions, and have savings approaching several billion euros with their credit unions.

The Credit Union "Mission Statement"

The universal Mission of Credit Unions is to promote the financial well being of its members. To achieve this purpose Credit Unions are committed to providing a broad range of innovative financial products supported by the excellent service of a dedicated, well-trained staff.