Credit Unions In Ireland
Nora Herilhy introduced the Credit Union movement into Ireland in 1958 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 euros with their credit
The credit union movement in Northern Ireland dates back to the 1960s. In 2008/9 it was reported to COMMITTEE FOR ENTERPRISE, TRADE AND INVESTMEN That there was 181 credit unions serving over 400,000 members.
There are two main representative bodies, which look after the interests of credit unions. These are the Irish League of Credit Unions and the Ulster Federation of Credit Unions. Following concerns raised by the two representative bodies, the Enterprise
Trade & Investment Committee commissioned research into the issue and subsequently decided to undertake an Inquiry. There was strong support from the credit union movement for the proposal that credit unions in Northern Ireland should be allowed to
expand their range of services to cover at least those services which credit unions in GB are able to offer. This viewpoint was strongly supported by the Committee. The Committee believed that, as a first step, credit unions in Northern Ireland should be permitted
to expand their range of services to include, at the very least, those services, which credit unions in GB can currently offer. The Committee sees the establishment of an FSA presence on the ground in Northern Ireland as key to the success of regulatory changes
and expansion of credit unions services. Credit unions have an excellent working relationship with DETI Companies Registry, which cannot possibly be mirrored by an organisation operating from London or Edinburgh. In order to successfully bring about the changes
proposed, credit unions will need hands-on support from the FSA on a regular basis and the FSA will need time and hands-on involvement to get to know the credit union movement in Northern Ireland.
In 2012 Credit Unions In Northern Ireland
came under the same regulators in the UK.