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The Credit Union "Mission Statement"
The mission of the Credit Union is to operate a not-for-profit financial co-operative, providing a safe environment for savings and fair and reasonable credit for members in the Waterside community. Our aim is to promote the financial well being of our members. To achieve this purpose the Credit Union is committed to providing a broad range of innovative financial products supported by the excellent service of a dedicated, well-trained staff. These programs will be administered in accordance with sound management practices to maintain the financial strength of the Credit Union.
The Credit Union Story
The modern Credit Union movement traces its origins to Germany and to Friedrich Willhelm Raiffeisen, the Mayor of a small town in southern Germany, who in 1849 formed societies, which later evolved in to Credit Unions. The purpose of the Credit Union was to enable people to help themselves in relieving debt and poverty.
A Credit Union is a democratic, financial co-operative owned and controlled by its own members. Each Credit Union is run only to benefit its members, all of whom have something in common - the common bond.
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 euro with their Credit Unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.
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