The Credit Union "Mission Statement"
The Mission of Pennyburn Credit Union Limited is to promote and support the financial and social well being of our community.
The Credit Union "Vision"
The vision of Pennyburn Credit Union is to continually improve the lives of the community we serve. Our No.1 priority is to our members, and everything we do is guided by their best interests at all times.
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 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 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 326 Credit Unions (234 in ROI and 92 in NI) affiliated to the Irish League of Credit Unions.
In Ireland over 3.6 million members have recognized the value of the credit union movement, and benefit by saving together and lending to each other at a fair and resonable rate of interest. There are thousands employed in the sector and many more thousands are involved in a volunteering capacity.
Credit unions offer members the chance to have control over their own finances by making their savings work for them. They exist only to serve members - not to profit from their needs. Surplus income generated is returned to the members by way of dividend and/or directed to improved or additional services for members.