On Thursday October 15th, credit union members around the world celebrate International Credit Union Day, an event designed to commemorate the credit union movement’s history and achievements. In honour of this special day, Youghal Credit Union Limited invited the community to an open day in the main office which included light beverages and other treats.
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Credit unions are not-for-profit financial cooperatives that provide an effective and viable alternative to for-profit financial institutions for more than 186 million members in 97 countries worldwide. They exist to serve their members, providing a safe place to save money and access affordable loans.
Youghal Credit Union Limited has over €80 million in assets with shares amounting to €70.8 million and loans outstanding of €40.8 million. Youghal Credit Union Limited has sub offices in Killeagh and Ardmore and services approximately 12,000 members.
Since 1948, International Credit Union Day has been celebrated annually on the third Thursday of October. Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union difference. This year’s theme –Your Money. Your Choice. Your Credit Union – underlines the credit union and cooperative spirit, emphasizing value, trust and service to members.
This year has seen Youghal Credit Union Limited invest in the local community by lending €16 million to members. We believe that most of that money was spent locally and generated business for the local economy. Youghal Credit Union Limited was also a major contributor to the local enterprise centre which has recently been established to generate local sustainable employment.
Credit unions are not-for-profit financial co-operatives that provide an effective and viable alternative to for-profit financial institutions for more than 2.9 million members on the island of Ireland. They are member-owned and exist to provide a safe place to save money and access affordable loans. Currently Youghal Credit Union Limited offers a fixed Home Loan rate of 6% which has certain terms and conditions that apply. In the past number of years Youghal Credit Union Limited has also paid a loan interest rebate to members which further reduces the cost of borrowing.
CREDIT UNIONS UNDERSTAND MEMBERS’ NEEDS
According to Kieron Brennan CEO of the Irish League of Credit Unions.
“Credit unions are based in the heart of local communities and have a real understanding of the needs of their members. In these uncertain times, more and more people are turning to credit unions as they become disillusioned with other financial providers. Credit unions are all about people. They exist to serve members, not to profit from their needs“.
The ILCU represents 103 Credit Unions in Northern Ireland, with almost 380,000 members, and assets of £885 million.
Earlier this year, credit unions in Ireland announced a new association with Irish international rugby player Brian O’Driscoll. Over the coming year Brian will be working with the Irish League of Credit Unions to promote both credit unions and credit union initiatives. This association will seek to highlight the very significant contribution that credit unions make in local communities at every level.
Commenting on the announcement Brian O Driscoll said “I am delighted to have become involved with the credit union movement at this time. I believe it is an important time for our communities and I have always greatly admired the valuable role that credit unions have played in fostering a sense of belonging and team work”.
The Irish Credit Union movement is among the most successful in the world with the highest membership per capita. Started in 1958 by 3 pioneers, Nora Herlihy, Séamus P Mac Eoin and Sean Forde, the Irish Credit Union movement has steadily expanded its services to meet the changing needs of members over the past fifty one years.