The Credit Union Movement was introduced into Ireland in 1985 by Nora Herlihy with the support of a number of other dedicated pioneers.

 

The experience of most people in Irvinestown and the surrounding district in the 70’s and early 80’s was that of high unemployment. Banks and other financial institutions did not advance credit without substantial collateral or guarantees. You had to be a home owner in order to get a loan and very few people owned their own homes in the late 70’s. Money lenders charged exorbitant rates of interest perpetuating the cycle of hardship. Consequently the ordinary working class people in the Irvinestown  area had only very costly sources of credit available to them.

 

Eight forward thinking individuals in Irvinestown decided there must be a source of affordable, reasonable credit for the ordinary person. They researched and discovered the fledgling Irish Credit Union movement and the well established international movement. These 8 individuals pooled their combined savings of six pounds and ten shillings and in October 1971 formally established Irvinestown Credit Union Ltd.

 

Today Irvinestown Credit Union Ltd has 2455 members and 620 minor savers. Operating under the motto “Not for profit, not for charity, but service". Irvinestown Credit Union Ltd has successfully provided for its members a source of low cost credit and other financial benefits and services.

 

Through the loyalty and dedication of its membership, Irvinestown Credit Union Ltd has flourished to become the unqualified success it is today.