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The Credit Union Mission Statement
The Mission of the Credit Union is to promote the financial well being of its members. To achieve this purpose the Credit Union is committed to providing a range of financial products supported by the excellent service of a dedicated and professional staff. These services will be administered in accordance with sound management practices to maintain the financial strength of the Credit Union. The Board of Directors, Management and Staff of the Credit Union hereby affirm that the efforts of the Credit Union will be consistently and professionally dedicated to the accomplishment of this mission.
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 into Credit Unions. The purposes of these Credit Unions 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 proven very popular, and there are now approximately 500 Credit Unions affiliated to the Irish league of Credit Unions, which is an umbrella body representing the vast majority of credit unions in Ireland.
Buncrana Credit Union Limited was established in 1969 and operated from a rented room on St Marys Road, Buncrana. At that time the Credit Union consisted of 11 Directors, a Credit Committee, a Supervisory Committee and a number of other volunteers. The Credit Union was only open for a few hours each weekend and the directors staffed the office. At the end of the first financial year there were 662 members.
Following the merger with Inishowen Credit Union Limited in September 2015 we now have over 18,000 members, and our common bond has expanded to include all of the Inishowen peninsula.
The ongoing success of Buncrana Credit Union Limited is a testament to the community in which we operate: the members, the savers, the borrowers, the volunteers and all those who have supported our organisation down through the years and continue to use our services.
We have 2 branches, one in Buncrana and one in Carndonagh . Out total assets as at 30th September 2019 is 88 million and we were delighted to lend 13 million to our members during the year to the 30th September 2019.
Currently we have a Board consisting of nine Directors, 10 committees, and 21 staff, offering a wide range of services including Loans, Savings Accounts, Life Savings Assurance, Loan Protection Insurance, Quick Lodge, Credit Transfers, Payroll Deduction, Online and Mobile banking.