Mullingar credit union celebrates international credit union day

Today, October 15, 2015, Mullingar Credit Union joins credit unions from around the world to celebrate International Credit Union Day, an annual event which celebrates the role that financial co-operatives play in improving the communities they serve and the lives of their members the world over.

Since 1948, International Credit Union Day has been celebrated annually in October. Each year, the international event affords the opportunity to remember credit unions’ proud history and promote awareness of and support for the credit union difference.

This year’s theme, ‘People helping people’ embraces the long-standing credit union philosophy that people can improve their financial wellbeing by working together.

Tom Allen, manager at Mullingar Credit Union, said: “The credit union movement only came to Ireland in 1958 but it tapped into the co-operative spirit in communities all over the country. It’s a worldwide phenomenon that just keeps on growing… which is a real cause for international celebration.

“It is a unique people-centred service to meet the needs of ordinary people. Anyone can join a credit union – one of the differences from opening a bank account is that you become a member – and not just a number.

“Yes we have changed to meet members’ needs, like introducing new electronic payment services, online access to accounts, and a raft of other services like bill pay and foreign exchange... but our ethos remains the same and change will not be allowed to compromise what we stand for, or how we serve members’ best interests.”

Credit unions are not-for-profit financial co-operatives that provide an effective and viable alternative to for-profit financial institutions for almost 217 million members in 105 countries.

The Irish credit union movement is one of the most popular in the world, and has more than 3.3 million members across the 32 counties. Mullingar Credit Union, like all credit unions, exists to serve its members, providing a great place to save money and access affordable loans. Established in 1962, Mullingar Credit Union has been serving the people of the area for 53 years. It has more than 33,000 members, €157million savings and has provided €47 million in loans.

In the last 10 years Mullingar Credit Union has donated some €800,000 to voluntary organisations in the community.

Mr Allen concluded: “Mullingar Credit Union is embedded in the community. Because of our members, we are able to play a vital role in the development and financial stability of the community. Our strength lies in our difference and we are very proud of this fact.”

• Mullingar Credit Union, St Colman’s House, Oliver Plunkett Street, 044 934 8817.