The Irish Credit Union movement was founded as a result of the efforts of three dynamic, pioneering people, namely Nora Herlihy, a teacher in Dublin; Sean Forde, an employee of Peter Kennedy Bakers, Dublin; and Séamus P. MacEoin, a Civil Servant working in Dublin. Having witnessed abject poverty in Dublin around 1950’s, they resolved to find a system that would allow people to gain more control over their finances, hence the birth of the Credit Union movement in Ireland.
What is a Credit Union?
A Credit Union is a group of people who save together and lend to each other at a fair and reasonable rate, we do not borrow externally from money markets so this is a consideration when setting rates and limits for each loan product. Each Credit Union is owned by the Members, managed by the employees and monitored by the voluntary Board of Directors. In Ireland over 2.9 million members have recognised the value of Credit Unions and have savings approaching €11.9 billion. There are 9,200 active volunteers with over 3,500 employees nationwide.
Credit unions adopt an approach that is familiar to most persons living in rural areas known as “Meitheal” which means a collective effort for the greater good the Community and this is our primary operating objective and ethos.