||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.
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 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.