The modern Credit Unionmovement 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. 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 co
mmon - the common bond. The Credit Unionmovement was introduced into Ireland in 1958 by Nora Herilhy with the support of a number of other dedicated pioneers. In Ireland 2.9 million members have recognized the value of credit unions, and have savings in excess of €11.9 billion with their credit unions. There are thousands employed in the sector and many more thousands are volunteers involved in the movement.
