Credit Unions have been around in Ireland for almost half a century. It started with a vision of self-help by a group of people led by Nora Herlihy who began the study of co-operatives. This led to the formation of Donore Avenue Credit Union in 1958. Credit Unions have grown in massive proportions since 1958 and are now seen by many as one of the leading financial institutions.
A Credit Union is formed by a group of people with something in common. This is known as their Common Bond. These people save together and lend to each other at a fair rate of interest. A Credit Union is a member oriented organisation which provides an effective service to its members and not to generate profit from their needs.
There are over 500 credit unions in Ireland with membership of over 3 million, combined savings of €13.4 billion and combined assets of €14.8 billion. The credit union movement spans over 92 countries worldwide with a total membership of 154 million.
For more information on the credit union movement in Ireland visit Irish League of Credit Unions
For more information on the worldwide credit union movement please visitwww.woccu.org.